SILVER FUTURES, Pullback-Developments, BEARISH Indication!Hello There!
Welcome to my new analysis about SILVER FUTURES on several timeframe perspectives. The SILVER FUTURES recently showed up with important pullbacks which moved on to test further remaining levels within the whole structure. From a market perspective the bonds market recently showed massive strength with T-bills emerging to form several higher highs and a continued upside movement. This upside movement is also given within the DXY, U.S.-Dollar Currency Index as the DXY continued to form strong movements to the upside putting pressure on the SILVER FUTURES asset.
Within the chart SILVER FUTURES are forming this gigantic bear-flag-formation in which the price action is now testing the lower boundary a next consecutive time, as the boundary has been tested already over four times this increases the possibility for massive bearish pressure to show up once the price action actually formed a breakout below the lower boundary. Within this whole structure as the price action formed several consecutive lower highs and several lower lows a major pullback and continuation with an increase of bearish momentum and bearish pressure to the downside is not uncommon.
With these terms in the perspective there are several important analysis factors to consider within the next times. Especially an further increase within the bonds, t-bills and the DXY will support the bearish scenario for Silver and then it will be necessary to determine the actual momentum setting up. Once the SILVER FUTURES completed the major gigantic bear-flag-formation the target-zones will be firstly within the 20.5 area, after that the 18.5 area, and when the price action reaches such a momentum that a reversal in this area is not possible in any case the next important determining target-zone will be within the 15.5 area. We keep an eye on the dynamics.
In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated.
VP