Wednesday, November 6, 2013

Down Under Silver

The Australian Dollar appears to have completed its small retracement bounce this morning and should begin walking its way down to a prospective fourth quarter low.

Click to enlarge images 
                                                                   Hindsight 20/20, the upside pivot in silver this time around was front-end loaded, which has taken some time for the market to digest.We see no reason to question that the retracement low for silver was completed on October 1st, and similar to the early 2009 comparative period - should find silver leading the moves higher in the commodity sector.