Silver's Deep Correction

Week Ahead: Stocks, USD Gain, But Yields Signal Risk-Off Headwinds Upcoming

Silver's Deep Correction

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

Silver's Deep Correction

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 2:15PM ET

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Mar 20, 2019

S&P 500 Futures	2,777.62	+34.12	+1.24%
S&P 500	2,775.60	+29.87	+1.09%
Nasdaq 100	7,055.18	+32.76	+0.47%
Dow 30	25,883.25	+443.86	+1.74%
SmallCap 2000	1,570.04	+21.35	+1.38%
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Crude Oil WTI	55.98	0.00	0.00%
Brent Oil	66.31	+1.74	+2.69%
Natural Gas	2.634	+0.061	+2.37%
Gold	1,324.75	+10.85	+0.83%
Silver	15.755	+0.227	+1.46%
Copper	2.816	+0.042	+1.51%
US Soybeans	907.62	+3.62	+0.40%
US Wheat	503.38	-3.62	-0.71%

SPDR S&P 500	277.37	+2.99	+1.09%
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Direxion Daily Junior Gold Miners Bull 3X Shares	11.48	+0.64	+5.90%
VelocityShares 3x Inverse Natural Gas linked to S&	111.91	-5.86	-4.98%
ProShares Ultra VIX Short-Term Futures	46.4900	-2.3700	-4.85%
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Silver's Deep Correction

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