Technical Forecast for Silver

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.