We have updated our privacy policy and terms & conditions. Find out more here.
3
 

Is The Silver Downtrend Finally Over?

By Mar 27, 2013 12:04PM GMT 2 Comments
 
AA
+
-
Is the downward trend in Silver over? The recent sideways movement in Silver is more probable to be corrective than a start of a new upward move.
Silver
Silver

Silver is most probably going to start another leg downward soon, likely towards $27. Our members received this last Friday:
Silver
Silver

If support shown in the above chart is broken downward, then prices will make new lows toward $27. This is our most probable scenario as there is no clear upward impulsive move. Nevertheless, the longer term Elliott wave count makes us expect a wave E bottom soon.

We will not go long based just on that. We would first want to see resistance levels broken and impulsive upward moves. Until then we are downward biased on Silver trades.

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.


Disclaimer: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Silver
 
 
 
Are you sure you want to delete this chart?
 
Comments
Jim Beale
Jim Beale Mar 28, 2013 12:21AM GMT
Very nice trade. I went long about the same place. I expect some follow-on from today's bullish reversal hammer. That was a pretty good bounce.

Jim Beale
Jim Beale Mar 27, 2013 02:44PM GMT
The risk/reward ratio for a short position is not very favorable at this point.
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg