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Like gold, silver now come into view to be completing an midway Head-and-Shoulders apex that we can see on its newest chart under, within a much better and very bullish Head-and-Shoulders base guide. Both these Head-and-Shoulders tops are attached to the Head-and-Shoulders base that just complete in the money index, which we look at in the related Gold Market update. With the dollar index having just made a believable breakout from its Head-and-Shoulders bottom, and looking set to rally to the 97 area, silver looks set to act in response back, almost certainly to the $15.50 - $16.00 area, before reverse to the benefit as the dollar turns lower once more.
Unlike gold, silver’s COT constitution showed further decline last week, and reading are now at levels that are construed as bearish. There is abundance of room for perfection, which will come about if the silver react back as expected on a continuance of the dollar rally.
Like gold, silver is marking out a giant Head-and-Shoulders base pattern, but in silver’s case it is down sloping as we can see on its 8-year chart under, which reflect the information that silver tends to underperform Gold Updates at the end of sector bear markets and during the early stages of sector bull markets. Protracted underperformance by silver is consequently a sign of a bottom. This chart actually does show how despicable silver is correct now, but though the price has drift somewhat lower over the past several years, volume indicator have better, particularly this year, a positive sign. A break above the neck of the pattern, the black line, will be an optimistic growth, and more so a break above the band of confrontation imminent the 2016 highs. Once it gets above this it will have to compete with a quite physically powerful zone of resistance roughly between $26 and $28. Over the short to medium-term, however, as discuss above, silver is likely to first act in response back to the $15 - $15.50 area on a dollar rally.
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