Our second favorite metal, Silver, seems to have broken a very crucial support in the end of September along with Gold. The classic waterfall effect followed up as we all saw...
Since the beginning of October Silver is moving in an ascending channel but I would really like to consider this channel as a bear flag that indicates more move to the downside. I wouldn't really say that Silver and Gold correlate as much as in summer, when Silver reached big numbers and became crowded as hell, so I feel safe to have a separate bias on Silver & Gold, which isn't necessarily opposite anyway.
So what I see now is Silver wanting to return to the summer levels where buyers and sellers were pacific in general. More to come with the days... Stay tuned and happy trading! :)
Since the beginning of October Silver is moving in an ascending channel but I would really like to consider this channel as a bear flag that indicates more move to the downside. I wouldn't really say that Silver and Gold correlate as much as in summer, when Silver reached big numbers and became crowded as hell, so I feel safe to have a separate bias on Silver & Gold, which isn't necessarily opposite anyway.
So what I see now is Silver wanting to return to the summer levels where buyers and sellers were pacific in general. More to come with the days... Stay tuned and happy trading! :)
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New levels start be seen on the horizon. None of them bullish...
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Zig-zag movements... Green zone is still our first to-watch level for a drop.
In the more long-term sphere, Trump gets elected, Dollar surges and precious metals woe...