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TFC Commodity Trading Forum

Silver/At Major Support *PIC*

Silver is back to major support at $26.50. This is also its 3 year uptrendline. While this is strong support the chart pattern is also a bearish Descending Triangle with the same flat bottom price support and declining highs. This tells you each rally has been weaker than the last and fully retraced that rally each and every time as well. This is why a Descending Triangle is a bearish pattern. Price needs to not only hold here but clear the downtrendline and 1st price resistance at $30 to suggest a change in pattern and direction and abort this bearish pattern. Seasonal trend charts show a bounce from the end of June to mid July and a selloff low in mid August. Precious metals do tend to have a low point in the later part of June with a double bottom or lower low in July or even August before price really starts to run higher into Dec.