SILVER / SI / SLV - Bearish Pin Bar

23 Mar 2019

Silver has formed a bearish pin bar setup. There is a bit to be desired in this setup, but I think it does set up an opportunity for price to break lower and retest the 14.80 region. In regards to the pin bar, the real body is sitting a little bit high with a little too much bottom wick. I think it weakens the pattern a bit, but it is a fake out none the less and lines up well with the double top that had formed a few weeks earlier.

I discussed the bullish setup in DXY, which if that setup plays out, could put a lot of downward pressure on gold and silver.

23 Mar 2019

Not

DXY

NZDUSD

AUDUSD

23 Mar 2019

Not

EURUSD