Silver has
broken below its 200 day exponential moving average, blue line, which is around
the 17.40 level as shown on the daily chart. Silver had a good bullish trend,
but once it got to the high around the 18.40 level it started pulling back
rapidly, something that is really amazing. From the current level, the price of
silver may continue lower, since it seems like that bearish momentum is
accelerating. If it continues dropping, silver may try to reach the low at the
16.60 level, which could act as support. But a more important support level
could be located at the low of the 15.61 zone. Regardless of the huge drop that
silver is showing, it may try to make some bullish retracements. In case the
price retraces to the upside, the 18.00 level may act as resistance. Will the
price of silver continue dropping towards the 16.60 level?
Excellent assessment, thank you for sharing!
ReplyDeleteI think it will reach at least 17.00.
ReplyDeleteNext stop should be 16.608.
ReplyDeleteIt's very bearish indeed.
ReplyDeleteEnjoyed the article, thank you.
ReplyDeleteIn fact very similar to Gold's behaviuor.
ReplyDeleteGood analysis.
ReplyDeleteVery good post.
ReplyDeleteGreat review!
ReplyDelete