The result of today's French election will be revealed in a few hours, and we will soon see a market response that will be reflected in the direction of the current trendline in Silver.
As the above chart shows, we are sitting at a breaking point in a falling channel, and we could either see a dramatic shift upward, or a continuation of the down trend. My best guess is that the election will be won by Macron, and we will end up with option 2.
The light grey line is a regression trend line from the last peak in late April and it is pointing straight down. When the trend is strongly down, and pullbacks are weak, it should be safe to hold any short positions in the absence of any positive news for the sector.
If the trend resumes its downward march, we would likely see a bottom in a month or so before everyone capitulates on Silver and throws in the towel.
The Trend is Your Friend
As the above chart shows, we are sitting at a breaking point in a falling channel, and we could either see a dramatic shift upward, or a continuation of the down trend. My best guess is that the election will be won by Macron, and we will end up with option 2.
The light grey line is a regression trend line from the last peak in late April and it is pointing straight down. When the trend is strongly down, and pullbacks are weak, it should be safe to hold any short positions in the absence of any positive news for the sector.
If the trend resumes its downward march, we would likely see a bottom in a month or so before everyone capitulates on Silver and throws in the towel.
The Trend is Your Friend
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Macron wins.....