Daily Commodities Update: Silver

By: Dima Chernovolov

Silver continues to rise following the earlier breakout of the high Quality Falling Wedge chart pattern which was previously identified by Autochartist on the 15-minute charts. Autochartist rates the overall Quality of this chart pattern at the 8-bar level – which is the result of the sharp Initial trend (10 bars), significant Uniformity and Clarity (rated at the 8 and 7 bar levels respectively). Silver is expected to rise to the Forecast Price 20.6093.

02082016dailyfximage1

As can be seen from the daily Silver chart below – the breakout of this Falling Wedge continues sharp daily upward price impulse 3 – which started at the end of July – when Silver reversed up from the support zone lying between the support level 19.30 and the 38.2% Fibonacci retracement of the previous strong upward impulse 1 from May.

02082016dailyfximage2

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