Silver Volatile

Silver has been changing its opinion since the beginning of December. As you can observe on the daily chart, one day it has gone up only to fall down even lower the next day. This effect is due to price going into the last third of a move where it is decided whether price would turn the trend.

Currently we are still in this last one third of the downtrend and we have been range bounded for almost two months. What we can be sure of, there are a lot of market participants trying to put pressure on both sides of the trade and it would be best to wait until we have a determined and clear trend. Until then, preserve your capital and do not trade in the unknown.

Chart: XAG/USD D1