Are we looking at Silver's bottom?
My previous analysis indicated that Silver could fall to 15, 12 and bottom at 9.
This was based on looking at Yearly, Monthly, Daily charts. All indications were that silver was not moving away from its downtrend.
Now if you observe all the charts - yes silver is still in a downward spiral until you check the daily and it is clear that silver is forming some support and and a possible rebound.
In the chart below, I've noticed that the previous trend lines established between 2002 to 2009, which silver rebounded off to form new higher and more bullish trend lines were eventually re-tested.
Look to where we are at now and it's clear that we are seeing a massive bounce off the previous lows and support.
Thoughts?
This was based on looking at Yearly, Monthly, Daily charts. All indications were that silver was not moving away from its downtrend.
Now if you observe all the charts - yes silver is still in a downward spiral until you check the daily and it is clear that silver is forming some support and and a possible rebound.
In the chart below, I've noticed that the previous trend lines established between 2002 to 2009, which silver rebounded off to form new higher and more bullish trend lines were eventually re-tested.
Look to where we are at now and it's clear that we are seeing a massive bounce off the previous lows and support.
Thoughts?