Weekly Price Action Setups & Key Levels | Sep 11-16

silver price action

My current active open trades: XAGUSD & AUDUSD (option)

Silver – Breaks Back Below Support, Key Level Up Next (daily chart)
After surging the last two weeks almost 12%, the price action in silver has turned ST bearish as the metal sold off the last 3 days with the heaviest selling on Friday.

Currently the PM is sitting below the 19.25 support, just around the 19 handle. The next key support is 18.46 which is a major structural support and KSP.

For now, bulls will need to defend this as there is the potential for this latest drop to be forming a corrective channel (see chart below).

Below 17.50, then we’ll likely see major unwinding of MT longs.

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