With most US exchanges closed for Hurricane Sandy, liquidity and volumes were definitely lower today with most pairs and instruments playing in a tight range today. Silver has now formed back to back inside bars
, or an ii pattern
, and this will not go on for much longer.
Although the precious metal is trying to form a base, it has yet to show any bullish legs, so until this happens, I expect short term more downside with the $31.50 level being key. For the upside, bulls will want to clear $32.50 before feeling more confident so watch for clues on either side of these prices for the next leg.
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