Market Overview

Technical Forecast for Silver

Technical Forecast for Silver
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.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Commodities Markets Trading Ideas


Related Articles

View Comments and Join the Discussion!