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TFC Commodity Trading Forum

Re: Hey Trades ya 'round? got any si./Ronbo *PIC*

Hey Ronbo. Here is the Daily Silver chart again with a price pattern showing a bearish Descending Triangle since the initial plunge. A break below the flat line of 33.50 would project a selloff to $28 and typically further to the Jan low support at $26.50. That would take to closer to the Fib 70.7% retrace point of the rally from last July lows to the late April highs. Presently price has retraced Fib 50% of its rally. Silver rarely stops at the typical Fib 50% and 61.8% retrace points like Gold does and invariably overshoots its price moves retracing more like the lower Fib number in the 70% range. While it is in a bearish price pattern a breakdown is not cast in stone until the flat line breaks down. A break above that downtrendline would suggest a rally at least back to the top of the downtrendline around $39 which would then just show price in a sideways channel between $39 and $33.50. Seasonally a price low in June is typically seen to with a bounce into July but that is just a broad guide and the seasonal low can occur anytime in the summer to fall time period so is not as consistent as some commodities.