Silver Prices Fall Deeper The very short-term trend is lower within the contracting range
Weakness could carry down to around 19, but not any lower if our daily bullish set-up is to maintain
While the price of silver oscillates back-and-forth in the converging range, so do we in examining the metal from varying time-frames. Today we will take a close up look to see where it is likely headed in the very short-term.
After putting in a small reversal day off the trend-line running back to the July peak , silver is weakening towards the middle of the narrowing daily range. Broadly speaking, this is setting up nicely so far for the bulls as long as it continues to coil and hold support. It could be a big October.
But looking at the very short-term, the bias is tilted in favor of shorts with the near-term trend pointing lower following the down lower from resistance.
On the hourly chart we see a series of a lower highs and lower lows kept under tight wraps with the help of a downtrend line beginning at the 9/22 peak.
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