Technical forecast for Silver

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Silver did test good support at 19.88/78 for a short term buying opportunity with stops below 19.65. This trade worked perfectly as we bottomed exactly here at 19.80. We reached the 20.35/45 target & topped exactly here in fact but we could continue higher today for a retest of 20.50/60 highs. This should hold the topside but we meet strong Fibonacci resistance just above at 20.75/85 for a selling opportunity.

Below 20.15 is less positive & could see a drift lower to 20.00 then 19.80/70. A low for the day likely here again today but we need stops on longs below 19.65.

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