Silver has fired off a Pin Bar Reversal on the daily chart. Since this Pin Bar was formed price has hung around and not done too much. During yesterday's session however we finally saw a break lower. If price can continue it's move lower, the next support would come in around 29.90. Traders who entered this Pin would now be sitting in profit and looking to protect their capital.
This market is in an uptrend so this price action signal was against the trend. Trend traders could look to get long at key support levels within the trend should price make any rotations lower.
SILVER DAILY CHART – AUG 31 2012