Despite everything - bearish case is still active!

Despite all the fundamental things - my technical look on silver keeps still being bearish.

IF the XAG/USD manages it to make daily close above 24.82 USD and overcomes the 50's SMA, the 38.2 % Fibonacci retracement, and the channel I would see more upside and this could be the end of the bearish case in silver.

Otherwise, it's IMO more likely that silver will resolve the bearish flag by breaking to the downside and will reach some price quotes around 22.40-23.00 USD.

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BTW: According to the seasonality pattern, the price is likely to go down until the end of October.

www.seasonalcharts.c...ETALS-CSH/SILVER.GIF

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Very likely that we reach now 22.50 USD/Oz. Lower targets are also possible but let's re-evaluate then. ;)

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Takes longer than expected but we're getting there. ,-)

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partly profit-taking

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Okay, this week's close is in the vicinity of the previous low and could form by this a double bottom. Together with the fact, that the silver price dropped strongly, I expect in next week rather an upward correction.

I've already reduced my position and pulled the SL down - so it's a win-win situation. The remaining position gets either stopped out in the profit or, if the price drops further, closed around 18.80 USD with an additional profit.

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Will consider going short again if it reaches quotations below ~22.00 USD or another short setup but for now, it's fine.