Silver closed November with a bearish combo and it does not look ready for lift off. The weekly closure is not bullish either. Let’s try to decipher what the candles and waves have to say.
This monthly/weekly overview contains:
– daily/weekly/monthly candle charts and their analysis from the candles and TA perspectives;
– an updated long-term EW chart with targets;
– forecast for the next week.
Silver had a very bearish Q3 candle and the bearish pressure is in effect.
After a very promising beginning of November, the silver bulls failed to keep it at the level necessary to form a bullish candle. As a result, a Piercing Line of October was canceled by Dark Cloud Cover in November. The price moved again below 20 EMA on a higher volume, and let’s not forget about 100/200 MMA death cross that is in effect.
After confirming the Dark Cloud Cover the metal formed Three Black Crows, a strong continuation pattern. The price dropped below 100 WMA. The majority of indicators are bearish and support a move further down.
There is a chance of sideways movement, but it is of lower probability.
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