Technical forecast for Silver

silver1

Silver is mostly just moving sideways. Fibonacci support at 21.83 & then at 21.46/41 which could hold the downside today. A break lower looks unlikely but could target 21.19, possibly 20.98 but we expect to see a bounce from here.

If we can hold above 21.80 a move back up towards 22.10/20 is likely. Look for a selling opportunity here but shorts need stops above 22.45 as a break higher could target 22.60/70.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More