The precious metals show very weak signs. Within only approx 8 Weaks the neutral trend changed to a negative trend and several supports haven been broken since then. Even the long descending trend line has been broken so that we´re now in the older downtrend.
Silver (in $) has reached a swing trend line at ~14.85$ - this could be seen as support. Also it is on the lower limit of the falling trend channel. RSI is about to leave the bearish to the oversold zone, MACD also negative and the singal line has been triggered to the bottom.
IF !! - the swing trend line (orange) holds, then Silver could rise to the upper limit of the mentioned trend channel (~ 15,15$).
Actually the fight around the swing trend line and on the lower limit of the trend channel continues and one cannot say whether the downtrend would be stopped or not.
To give new bullish signs Silver has to leave the trend channel to the top! And above 15.50$ (fib retracement 23.6%) Silver would be back in neutral zone!
Silver (in $) has reached a swing trend line at ~14.85$ - this could be seen as support. Also it is on the lower limit of the falling trend channel. RSI is about to leave the bearish to the oversold zone, MACD also negative and the singal line has been triggered to the bottom.
IF !! - the swing trend line (orange) holds, then Silver could rise to the upper limit of the mentioned trend channel (~ 15,15$).
Actually the fight around the swing trend line and on the lower limit of the trend channel continues and one cannot say whether the downtrend would be stopped or not.
To give new bullish signs Silver has to leave the trend channel to the top! And above 15.50$ (fib retracement 23.6%) Silver would be back in neutral zone!
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