Volatility contracted, and the Bollinger bands narrowed significantly. Typically this precedes a sharp move. After testing $14.78, this morning silver broke lower to test the cycle trendline. I didn’t expect a significant move before the elections, so I was a little surprised. Now it could be nothing and prices may turn higher in a day or two. I guess we will see. In the meantime, silver needs to hold the $14.25 level to prevent a notable breakdown.
