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(Kitco News) – Comex silver futures prices fell to more than a 10% drop on Friday, leading to short-term technical damage, including a serious denial of the upward price trend of the daily bar chart for March futures. Prices also closed on technical bearings weekly low closing on Friday.
Mammoth daily losses in the middle on Friday are not uncommon for the metal. The study of the daily chart for March futures shows huge daily declines that occurred in August, September and November. These previous large losses certainly repelled short-term bullish enthusiasm, but prices recovered quickly and even recently began a short-term uptrend in the daily chart.
Looking at the monthly chart for the continuation of the close futures for silver Comex, seen here, shows that no long-term damage to the chart. In fact, in 2020, prices saw an upward “breakthrough” from a fragmented and sideways trading range dating back to 2015 on the monthly chart. The recent break in the break of the monthly schedule is not a sword at all and the bulls continue to hold the long-term technical advantage.
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