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TFC Commodity Trading Forum

Silver/ Very tight channel *PIC*

Silver is trading in a very tight consolidation channel of about one dollar for the last 8 days between 31.50 and 32.55. Watch for a break above or below these levels for price direction. Most oscillators are still below their center lines and bearish but the CCI 20 has recently tagged the very oversold area of -200 which suggests a rally nearby in time. The overall pattern is a falling price pattern with a tight consolidation which could be labeled an Inverse Flag. Odds favour a breakdown with this pattern. Major support is the breakout point at $30 which isn't that far away regardless. Bottom line watch for a breakout or breakdown out of this tight pattern for price direction. The Silver/Gold Ratio chart is almost identical.