Silver unable to beat Fibonacci resistance at 20.75/85 where we predicted a selling opportunity. We have so far topped at 20.61 as we start to look overbought short term. Any move towards 20.75/85 therefore allows us to exit longs & try shorts with stops above 21.00.
Yesterday we reached 20.16 where a low for the day was predicted & we used this area for profit taking on shorts & tried small longs here with stops below 20.09. This trade worked perfectly with a low at 20.12. Today’s outlook is more negative so a retest of this level looks likely but we are looking for a break lower to 19.88/78 for a short term buying opportunity.