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Silver since August 2014 has been trading in a range from $20 to $13, and we have reached this crucial point once again where silver is about to retest $13 and possibly break through and hit its next support of $11. We could bounce of the resistance and stay in the trading zone.
Silver looks to be breaking out from its short term downtrend. This will have long term ramifications on the gold and silver bull run. Expect much higher prices for both Gold and Silver by year end. Silver especially will be very volatile. Load up on silver miners as they will benefit the most from this.
Case for Silver short is high
RSI and MACD down and
support has become resistance at 16.85
Silver, like its sister Gold, is bullish for the moment as long as it trades inside the channel (yellow). Goal is around 18.200 area.
Happy trading everyone!
I've noticed a key are for silver has now been broken and we are still above the price of 16.800. This coincides with our 61.8% fib re-tracement and we are still creating higher highs. Price is also now above my weekly support zone and I do believe Silver may push through possibly back up to the 17.800 area. We have my weekly resistance at 17.200 which I believe ...
Downtrend since July with huge drop in October price is choppy at the moment, maybe nice time to short with the current pullbacks forming on daily and 4hr charts. Maybe price will touch 17.700 then drop again? on the watch list for sure.
Potential long here, however strong bears currently so could well break through and head towards 16 port of area.