A month ago today, the Power of the Pattern shared the Silver and Gold were facing important resistance tests and that both could fall hard if these resistance levels held. See post HERE
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Silver was moving stronger higher off lows hit at the start of the year. This rally ran into a cluster of resistance at (1) and so far it has stopped it on a dime.
This chart is based upon month prices and the month is far from over with so far.
At this time of the month, Silver so far is creating a reversal pattern (bearish wick) just below resistance at (2). With Silver still being in a down trend (lower highs and lower lows since 2011), how it reacts to falling resistance becomes critical.
We have felt a month ago this resistance cluster could be very important to Silver and we still remain feeling that way.
