Technical Forecast for 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.