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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?

Watch the video to learn more…

Weekly Chart

forex chart of the day Silver

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

forex chart of the day silver

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. 

Want to see another update? Watch our NZDUSD update here.

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