Silver futures pulled back slightly in Thursday's session after a strong run for the week. The retracement is occurring after a touch of resistance provided by a Triangle chart pattern forming on the 30-minute time interval. Autochartist is tracking the developments on the emerging patterns platform, with a projection for a continued short-term decline to the support trend line near $33.40 per ounce.
The Triangle chart pattern is clearly defined already, but also has plenty of room for the price to trade inside the range as it approaches the apex. The Triangle scores high in Uniformity and Clarity, with an overall Quality ranking of 7 bars as of Thursday's close.
Traders will be watching for a possible breakout as early as Friday if momentum re-enters the market. A continuation of the decline below the trend line support will set up a short-term sell signal with a lower price forecast by Autochartist. A recovery at the support level would invite a retest of resistance at $33.75 per ounce, with higher trade from there triggering a technical breakout to the upside. For further information on this and other Autochartist products, visit our website at
DISCLAIMER: The Autochartist service includes chart pattern identification in respect of foreign currencies, commodities, equities and stocks. There are potential risks relating to investing and trading. You must be aware of such risks and familiarize yourself in regard to such risks and to seek independent advice relating thereto. You should not trade with money that you cannot afford to lose .The Autochartist service and its content should not be construed as a solicitation to invest and/or trade. You should seek independent advice in this regard. Past performance is not indicative of future performance. No representation is being made that any results discussed within the service and its related media content will be achieved. All opinions, news, research, analyses, prices or other information is provided as general market commentary and not as investment advice. Autochartist, MDIO Software, their members, shareholders, employees, agents, representatives and resellers do not warrant the completeness, accuracy or timeliness of the information supplied, and they shall not be liable for any loss or damages, consequential or otherwise, which may arise from the use or reliance of the Autochartist service and its content. This e-mail may contain information that is confidential. If you are not the intended recipient, you must not distribute, copy, circulate or in any other way use or rely on the information contained within the entirety of this email. Please delete the e-mail and any attachments and notify us immediately.