In this post I’ve updated the charts to reflect the recent dramatic changes in the silver market.
Chart 1. Silver Weekly: Triple Support
On the weekly chart above, there is a mixture of reconstructed trend lines (gray lines) set in the previous update and newly added lines, which highlight the important support levels nearby.
The silver price has passed the double support (gray former resistance + gray support) set at the $17.5 mark like a hot knife through butter two weeks ago. The three red bearish weekly candles from the top erased all of the earlier gains and even broke below the previous low at the $16.84 mark. Continue reading "Silver Update: The Backup Plan"