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Silver Forms Ii Pattern, More Downside? | Oct. 30th

Liquidity and volumes were definitely lower today with most pairs and instruments playing in a tight range today. In the process, Silver has 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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