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TFC Commodity Trading Forum

Re: Hi Trades, updated weekly silver/Ronbo *PIC*

Here is the Weekly Silver chart. Nice breakout above the bearish Descending Triangle. That pattern doesn't usually break on the upside. So what this can be is a simple rectangle suggesting a double top. Descending Triangles are often just incomplete rectangles. Price has only rallied a very weak Fib 38.2% retracment so far which isn't much at all. But the breakout is significant and suggests much higher prices. But short term Silver is overbought and a pullback to the breakout point area would be a load the boat trade there with a stop at a comfort level below that line at $30. See price pulling back tonight sharply. Also see DX very very oversold and is way overdue to snap back trashing all the inverse markets. Even if DX has started a new downtrend a sharp bounce back is due and will still trash inverse markets regardless.