Seasonally #Silver price reverses through the month of October. The price is currently at a key support zone. Will the price follow the seasonal pattern?
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Seasonally the price of Silver reverses and forms a low through the month of October. The weekly chart shows us that the price is currently trading at the bottom of a large scale range. The previous weekly close formed a bullish rejection of the lows which could indicate buyers are looking to get in around these prices. If the price of Silver breaks through the weekly highs we could see a move back to the other side of the range which is around $28.00.
On the daily chart we can see that the price is forming a typical reversal pattern in the market. The inverse head and shoulders pattern can often lead to a reversal in the trend and if the price was to break and close above the highs of the neckline above $23.00 we could look for a long opportunity. Once the pattern completes we can look for bullish price action at the previous structure lows to identify the reversal in the trend and a long opportunity.
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