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TFC Commodity Trading Forum

Dec Silver/ No Room Left to Fall *PIC*

Dec Silver has pulled back once again to the 26.50 area support. Price has retraced each and every rally completely since the bull market high in April/11. This is also the 3.5 year uptrendline. No more room to back off for Dec Silver. A breakdown from here that holds would be wildly bearish and suggest a major selloff. Silver has reached the moment of truth with its back to the wall here. The pattern is a very bearish and classic Descending Triangle. This pattern is bearish as each rally off the same support level is lower (weaker) and fails to hold any of its gains each time. Once price breaks below the flat line support prices tend to collapse. But bearish patterns don't mean anything more than a heads up warning until they 'confirm' a breakdown. Meanwhile support is support and this is the major support level for Dec Silver. Seasonal trends in all time frames show a low end of June with a bounce into July and a lower low in late August. With seasonals matching in multiple time frames they are a good guide to likely probabilities as they do show what the market realities are thoughout a calender year with a market. But any single year can be out of trend and even inverse.