The silver chart looks pretty much like the gold chart. There are levels below current price that will likely cause some bounces but as in gold i don't see any major support until about $8 bucks.
I have no clue why folks are leaving gold and silver but it is what it is as the saying goes. Play what is real not what you feel right? The reason there are lower highs and lower lows to begin with is because the supply zones hold and the demands get ran over.
i would like to point out that the price level at the red line was previously old resistance which has become major support for now. Same argument i made for gold $1000 and so far it is holding true for silver. But the major trend is down so unless there is a break out above the current range silver is still looking like it could go lower still to the black dotted lines i have plotted here.
I have no clue why folks are leaving gold and silver but it is what it is as the saying goes. Play what is real not what you feel right? The reason there are lower highs and lower lows to begin with is because the supply zones hold and the demands get ran over.
i would like to point out that the price level at the red line was previously old resistance which has become major support for now. Same argument i made for gold $1000 and so far it is holding true for silver. But the major trend is down so unless there is a break out above the current range silver is still looking like it could go lower still to the black dotted lines i have plotted here.
