Price Action – Reducing Price Spreads on Silver – Bottoming Out? Oct. 23rd

After failing to break and hold above $35, Silver has been getting hammered as of late, dropping $3.50 in the last 2.5 weeks.  I would like to note how the price spreads have been getting smaller on each leg down (especially the last one), suggesting we could be seeing a bottom soon.

If price can get above $32.00 and break above the dynamic resistance and 20ema, then I suspect perhaps the precious metal will go for a HL (higher low) and then start to attack the upside.  Remember, as I noted before, last Friday 2.6 million ounces (17% of brinks physical supply) was bought up in one day, so we have to expect upward pressures on prices to start soon.

price spreads price action chris capre oct 23rd

For those wanting to learn to trade price action, access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Upcoming Economic Announcements:

AUD Consumer Prices Index (YoY) 20.30EST
CNY HSBC Flash Manufacturing PMI 21.45EST
EUR German Purchasing Manager Index Manufacturing 03.30EST
EUR Euro-Zone Purchasing Manager Index Composite 04.00EST
USD New Home Sales 10.00EST
USD Federal Open Market Committee Rate Decision 14.15EST
NZD Reserve Bank of New Zealand Rate Decision 16.00EST


Make Sure To Check Out My Newest Articles:
3 Ways Archery Helps My Trading
Understanding Impulsive and Corrective Price Action
What Limits You From Trading Profitably?

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article