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

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