Silver & other commodities have more downside, SILVER TO $16.00!Commodities are feeling the downside pressure due to the strong US dollar, there is money flowing out safe-haven assets into the equity market since it's been climbing to all-time highs.
Silver forms a very interesting pattern and has been doing so since the start of September when it fell drastically from the strong rally. The pattern involves a strong 1-2-day drop then consolidation, slight pop into the broken support now resistance then another stern drop forming a downward channel for the past 3-4 months.
We expect the continuation, a slight slow pop on weak volume into $17.45 resistance based on the broken low and top of the channel then strong drop through $16.75 into $16.00 potentially.
Disclaimer: This idea is for educational purposes only, this is not a definite trading/investing signal. Trading is risky and should be taken at your own accord.
