Since the beginning of February Silver prices are sharply
sloping to downwards. Today the price surpassed the important support level at $17.00
and currently is trading at $16.95.
On the daily chart is clearly seen the confluence of the
downward trend staring from July 2016 and the support line at June’s 2016 lows.
Could this be read as a turning point or a minor stop before continuation of
the short term trend?
The same chart is also showing very bearish readings. Both RSI and stochastic
are placed well below their mid-lines and are displaying strong bearish
momentum.
Given the fact that the US Dollar is relatively strong now, there
is reasonable opportunity Silver to continue losses even below December’s 2016
trend line.
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