I know it's very annoying to trade with silver in these days, but price is at the bottom right now. Silver is oversold and undervalued. Price in Falling Wedge Pattern and if the price exceeds 23.20 with volume, there will be a breakout. There is a Double Bottom Pattern on Chart which means bulls are powerful in 22.5 area. So there is only one way from here. I expect the price to stay inside this giant Triangle for at least 6 months. Trade accordingly.
- Formed Patterns : Triangle Pattern, Falling Wedge, Double Bottom
- Scenario 1 : Silver quickly rises to 25.364-25.560 levels and rebounds to the 22.7-23 levels.
- Scenario 2 : Silver consolidates next week and rises to 25.364-25.560 levels, then rebounds to the 22.7-23 levels.
- Price Target in Long Term : $44
- Support Level : 22.51-22.97
- Macroeconomic Situation : * Due to the American debt crisis and interest rates will soon fall; individual investors, companies and central banks continue to buy gold/silver.
* The crisis in the Middle East will push the Gold/Silver even higher.
* Due to many issue of US Dollar, I expect DXY will fall which is good for Gold/Silver.