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How Will Silver React?

By Chris Kimble CommoditiesSep 12, 2016 08:32AM ET

www.investing.com/analysis/silver,-not-a-place-it-wants-to-lose-its-balance!-200152989

How Will Silver React?

By Chris Kimble | Sep 12, 2016 08:32AM ET

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A month ago today, we noted that silver and gold were facing important resistance tests and that both could fall hard if those resistance levels held.

Silver Monthly

Silver Monthly

Silver was moving stronger higher off lows hit at the start of the year. This rally ran into a cluster of resistance at (1) and so far it has stopped it on a dime.

This chart is based upon monthly prices and the month is far from over.

At this time of the month, Silver so far is creating a reversal pattern (bearish wick) just below resistance at (2). With Silver still being in a down trend (lower highs and lower lows since 2011), how it reacts to falling resistance becomes critical.

We have felt a month ago this resistance cluster could be very important to Silver and we still remain feeling that way.

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