Silver's Deep Correction

www.investing.com/analysis/silver's-deep-correction-200170380

By Mike Paulenoff | Dec 20, 2016 01:40PM ET

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The big-picture view of spot silver shows the year-ago low at $13.62, which preserved the 12-year support line.

The rally from $13.62 peaked at $21.17 in July, 2016, while the ensuing give-back has amounted to 74% of the rally and is certainly considered a very deep correction.

The juxtaposition of monthly RSI and monthly MACD with the falling price structure indicates that the decline, though deep, is a correction of the Dec.-July advance, rather than the initiation of a new downleg within the prior bear phase from April 2011 to Dec., 2015.

Heavy support resides from $15.90 to $14.20, and is the zone from where silver should stage a significant upside reversal if the Dec.-July advance represents the first leg of an incomplete intermediate-term recovery rally period.

Monthly Silver

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Maria Gallo Dec 20, 2016 7:15PM GMT

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Central Banks

Interest Rates

Next Meeting

FED

1.25%

Jul 26, 2017

ECB

0.00%

Jul 20, 2017

BOE

0.25%

Jul 13, 2017

SNB

-0.75%

Sep 14, 2017

RBA

1.50%

Jul 04, 2017

BOC

0.50%

Jul 12, 2017

RBNZ

1.75%

Aug 10, 2017

BOJ

-0.10%

Jul 20, 2017

CBR

9.00%

Sep 15, 2017

RBI

6.25%

Aug 02, 2017

PBOC

4.35%

BCB

10.25%

Jul 26, 2017

S&P 500 Futures	2,442.75	+0.50	+0.02%
Nasdaq Futures	5,769.38	+2.00	+0.03%
Dow 30	21,454.61	+143.95	+0.68%
S&P 500 VIX	10.03	-1.03	-9.31%
DAX	12,647.27	-23.75	-0.19%
Nikkei 225	20,130.41	-94.68	-0.47%
US Dollar Index	95.78	-0.40	-0.42%
Euro Index	91.67	0.00	0.00%

Gold	1,251.16	+0.63	+0.05%
Silver	16.790	+0.018	+0.11%
Copper	2.674	-0.001	-0.04%
Crude Oil WTI	44.87	-0.01	-0.02%
Brent Oil	47.68	+0.01	+0.02%
Natural Gas	3.083	+0.003	+0.10%
US Cotton #2	67.62	-0.09	-0.13%
US Coffee C	125.15	-0.57	-0.45%

EUR/USD	1.1378	0.0000	0.00%
GBP/USD	1.2933	+0.0006	+0.05%
USD/JPY	112.35	+0.06	+0.05%
USD/CAD	1.3041	+0.0003	+0.02%
AUD/USD	0.7638	-0.0002	-0.03%
ETH/USD	309.97	+38.57	+14.21%
USD/CNH	6.8009	-0.0028	-0.04%
BTC/USD	2,536.2	+40.5	+1.62%

US 10Y Yield	2.226	+0.028	+1.28%
US 30Y Yield	2.779	+0.035	+1.27%
US 2Y Yield	1.353	-0.016	-1.15%
US 5Y Yield	1.819	-0.006	-0.33%
US 10Y T-Note	126.15	-0.01	-0.01%
US 30Y T-Bond	154.80	-0.06	-0.04%
Euro Bund	163.36	+0.08	+0.05%
UK Gilt	126.40	-0.82	-0.64%

Silver's Deep Correction

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