{"id":63174,"date":"2014-11-05T09:39:28","date_gmt":"2014-11-05T14:39:28","guid":{"rendered":"http:\/\/countingpips.com\/?p=63174"},"modified":"2014-11-05T09:42:25","modified_gmt":"2014-11-05T14:42:25","slug":"silver-sell-off-accelerates-price-targets-14-60","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/11\/silver-sell-off-accelerates-price-targets-14-60\/","title":{"rendered":"Silver Sell-off Accelerates; Price Targets $14.60"},"content":{"rendered":"<div id=\"inves-3764143702\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 5, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bearish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Precious metals remain under extreme selling pressure, seeking fresh multi-year lows;<\/li>\n<li>Silver tumbles after breaking below $16.66 and $16.00;<\/li>\n<li>Huge 8-year pivot at $14.60 could offer sufficient support for a bounce higher;<\/li>\n<\/ul>\n<p><em>The US Dollar rose again against a basket of currencies on Wednesday, increasing bearish pressure on Gold and Silver. This slide lower is expected to continue for a few more days.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p>Silver has experienced an incredibly fast and aggressive sell-off since early July this year. Price is showing no signs of stopping or correcting higher, despite shedding nearly 29% of its value during this period, down from $21.56 to current Spot price at $15.40.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/11\/Silver5thNovember.jpg\" alt=\"Silver5thNov\" \/><\/p>\n<p>Despite slowing down to a halt throughout October, Silver kept a very bearish profile, unable to correct higher on nonexistent buying pressure. Sell-off resumed on 30<sup>th<\/sup> October, with price quickly tumbling $16.66 and ultimately exceeding our forecast at $16.00. Lacking any bullish bounces, Silver appears to be heading straight to $14.60, where we can identify a huge support level also acting as a pivot zone. A temporary bounce, possibly even a medium-term recovery, should be expected starting from this support area.<\/p><div id=\"inves-3201877022\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>Stochastic is located in extremely oversold territory on Daily, Weekly and Monthly timeframes. That being said, traders should remain patient before loading up on long positions, since there are no price action confirmations for a bottom.<\/p>\n<p>*********<br \/>\nPrepared by Alex, Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\">Capital Trust Markets<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways Precious metals remain under extreme selling pressure, seeking fresh multi-year lows; Silver tumbles after breaking below $16.66 and $16.00; Huge 8-year pivot at $14.60 could offer sufficient support for a bounce higher; The US Dollar rose again against a basket of currencies on Wednesday, increasing bearish pressure on Gold and [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-63174","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/63174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=63174"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/63174\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=63174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=63174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=63174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}