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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Weekly Chart

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. 

Daily Chart

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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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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