Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

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

Silver
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.

Upcoming Announcements:

 

 

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