Don't count out Silver just yet...
A couple weeks ago, I noted a bearish divergence on the Weekly Silver chart. We have since seen that divergence play out as Silver fell from $17.30 and cracked below $16, breaking down below a triangle support and a key horizontal support at around $16.15.
But note that this was within a larger triangle,where we can still see Silver is hesitating at the bottom of a strong support zone.
Also, we can note on the Weekly chart that the RSI is near a long term support trendline.
So, I wouldn't agree yet with the doom and gloom of many chartists just yet on Silver unless it breaks below these supports. However, it is crucial that these supports hold.
But note that this was within a larger triangle,where we can still see Silver is hesitating at the bottom of a strong support zone.
Also, we can note on the Weekly chart that the RSI is near a long term support trendline.
So, I wouldn't agree yet with the doom and gloom of many chartists just yet on Silver unless it breaks below these supports. However, it is crucial that these supports hold.
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