Technical Forecast for Silver

Silver reached resistance at 24.79/80 but we did try a break above 25.00. This was not helpful but none the less we quickly rejected these highs. We warned this week that Fibonacci resistance at 24.80 could mark the end of the rally & this now does appear to be the case. We should continue lower in to the end of the week at least as we look for a test of support at 24.00 & possibly as far as 23.80/70. This should hold the downside & offer a short term buying opportunity but we need stops on longs below 23.55.

 

Resistance at 24.70/80 could hold the topside but if we continue higher look for a retest of this week’s high at 25.10 for a selling opportunity.