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The silver price is at a vital moment, as it has reached the crossroads of two supporting trend lines. In general, the commodity price has declined in a descending channel pattern, which has reached the lower trend line of a massive scale rising wedge pattern. The metal's price is most likely going to rebound and a new medium term ascending pattern will form. However, it is also possible that the long term pattern is broken, as patterns are always broken. By monitoring the near future developments, it is possible to see, what medium term direction does the metal chooses. Meanwhile, SWFX market sentiment gives no clues, as 54% of open positions are short, which is far from being considered oversold.
Thu, 27 Apr 2017 12:04:46 GMT
Source: Dukascopy Bank SA