Silver May “Tread Water” in April reported that the price of silver has fallen from the start of March to the end of April in 14 out of the last 20 years; that is “one of the strongest seasonal tendencies of the silver market.”

As quoted in the market news:

The average drop from the closing price on the last trading day in February to that of the last day in April has been seven percent or thereabouts. The most-active silver futures contract fell 7 percent March, so April may just be a range bound month if the market sticks to the 20-year average.

The congruent price action of silver since its February peak with that following last August’s high supports the notion that the metal will just tread water in April. The current 2H price action (left chart) seems to be replicating the pattern on the 4H chart from the second half of 2013

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