Gold, oil and silver fell sharply on Friday as the G20 meeting started in Moscow. The chart below shows the Silver Trust (SLV) forming a lower high in late January and plunging to the early January low. The lower trend line of the falling channel marks the next support level in the 27.50 area. Also notice that the Percent Price Oscillator (PPO) turned down again and moved deeper into negative territory.
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Click this image for a live chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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