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Silver Coiling Under a Key Declining Resistance Trendline
Silver has been on a tear since breaking above consolidation resistance at 28.43. In August, it has rallied from a low near 26.70 up to 31.24 this week’s high made on Monday (8/27). It has since starting coiling, as the 1H chart shows, falling between converging near-term support and resistance. You can say it is in a triangle congestion pattern as well. Bearish Correction: In the near-term if the market breaks out of the current lack of volatility to the downside, the focus is on the near-term support pivots at 30.13 and 30.22. Breaking below these levels then complete a topping formation. Before that, the market ... (full story)