Technical forecast for Silver

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Silver headed higher as predicted & got very close to Fibonacci resistance at 20.75/85 for a selling opportunity. We have so far topped at 20.61 as we start to look overbought short term. Any move to 20.75/85 allows us to exit longs & try shorts with stops above 21.00. We are already testing support at 20.29/25 but below here today look for 20.16.

A low for the day is very possible here so we can use this area for profit taking on any shorts. Perhaps try small longs here with stops below 20.09. Next support then seen at 19.94/90 & a short term buying opportunity.

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