Silver closed lower on Friday following Thursday's key reversal down and closed below July's uptrend line crossing confirming that a top and short-term trend change has taken place. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends Friday's decline, the reaction low crossing is the next downside target. If it renews the rally off June's low, the 62% retracement level of the April-May-decline crossing is the next upside target.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.