Technical forecast for Silver

silver

Silver did head lower to the 23.50/47 target & bounced back to 23.80 initially, but we have now broken lower & look likely to retest last week’s low at 23.00/98. We may see prices reach as far as good support at 22.90/85 this week for a buying opportunity with stops below 22.55.

23.50 is now resistance & could hold the topside but above here look for a selling opportunity at 23.77/80. We need stops on shorts above 23.90 for the next selling opportunity at 24.05/09.

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