SILVER - 1D - INTERMEDIATE CYCLE LOW ALREADY IN OR VERY SOON
We mentioned in the previous analysis that we expect an intermediate cycle low this week. We looked at the open interest data, too. It confirms our thesis.
We see two possible scenarios - the low is already in and we have to wait for a breakout and next higher low to confirm the next move.
We will see the low in the next days.
In both cases, silver and gold should confirm the trend change in the following days.
As for now, it's uncertain if we will see an impulsive move upward or a bigger corrective structure. Even if that will be 'only' a correction, the data suggests that it should be a decent one.
We see two possible scenarios - the low is already in and we have to wait for a breakout and next higher low to confirm the next move.
We will see the low in the next days.
In both cases, silver and gold should confirm the trend change in the following days.
As for now, it's uncertain if we will see an impulsive move upward or a bigger corrective structure. Even if that will be 'only' a correction, the data suggests that it should be a decent one.
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