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Sunday
Apr172016

Silver Market Update - reversing to the downside

 

April 17, 2016 - 9:20am

The combination of silver having arrived at a short-term target, with bearish looking candlesticks appearing, gold completing a Head-and-Shoulders top and latest COTs for both gold and silver being at the sort of extreme readings characteristic of a top, all point to silver reversing to the downside here.

On its 6-month chart we can see how silver’s sharp advance over the past week or so has brought it up to a trend channel target, where the advance has run into trouble, with bearish looking candlesticks in recent days suggesting that it will soon drop away again.

Silver actually looks quite promising on its 6-year chart, as it appears to be on the point of breaking out of its long-term downtrend. However, this is belied by the various factors mentioned above and by the slow stochastic shown on this chart, which is at an extreme reading only attained twice in the past 4 years, and both those occasions were tops. So it looks set to slump back into its downtrend.


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If silver prices hold above $16.00/oz they could unwind the technical indicators and move to higher ground.

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