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Technical Forecast for Silver

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Technical Forecast for Silver

 


Silver reached resistance at 24.79/80 as predicted & topped almost exactly here at 24.86. An end to the rally is possible now at this stage & we can exit longs & try shorts with stops above 25.00. However a break higher today could then target 26.00/10. Here we meet the 200 day moving average & should find this area a struggle.


Failure to beat 24.80 should trigger profit taking for a move towards 24.35/30. Watch for a low for the day here but if we continue lower the next support is seen at 23.95/90. Exit shorts & try longs expecting a bounce from here but with stops below 23.80.

The following 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

 

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