Technical forecast for Silver

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Silver edged higher as predicted despite being overbought to reach 24.41. We could be running out of steam but cannot rule out a test of resistance at 24.79/80 where we will look for an end to the rally at this stage. Here we can exit longs & try shorts with stops above 25.00.

Immediate support is 23.90 so a break below here is less positive & could target 23.60. Look for a low for the day here at this stage but if we continue lower we should test good support at 23.40/35.

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