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Silver price breakdown on heavy volume does not look good

Posted on 29 April 2013

After being stuck in a tight range following its plunge about 9 trading days ago, silver finally responded to gold’s creeping advance and ‘popped’ on Thursday, but it was not that impressive and was followed by a rather negative ’spinning top’ candlestick on Friday, meaning that it could have been a 1-day wonder especially given that gold’s relief rally looks to be about done.
We can see recent action in detail on the 8-month chart below. On this chart we see that once silver crashed key support at and above $26 it plunged on very heavy turnover, which was bearish. The current minor relief rally is serving to unwind the oversold condition and thus creating the conditions for renewed decline………………………………………..Full Article: Source


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VRS - who has written 36729 posts on Opalesque Commodities Briefing.


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