Forex Price Action – Silver Forms ii Pattern on Dailies | Oct. 30th
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.
|EUR Spain Spain Deadline for Bad Bank List RescueRequirement|
|EUR Spain Current Account|
|EUR Greece Retail Sales|
|GBP GfK Consumer Confidence Survey||20.00EST|
|AUD Private Sector Credit (YoY)||20.30EST|
|AUD Building Approvals (YoY)||20.30EST|
|EUR Euro-Zone Consumer Price Index Estimate (YoY)||06.00EST|
|CAD Gross Domestic Product YoY||08.30EST|
|AUD AiG Performance of Manufacturing Index||17.30EST|
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