Silver has broken below previous support of $30.65 and is sliding lower to reach $30.24. Any attempted rallies that touched the top of the Bollinger band lead to heavy selling which satisfy our cautious commentary on a possible fake rally -- and any rallies must be sold. We are bearish on silver and technically, it will need to find support above $30.00 or we could revisit $29.25, which was the January low.
The daily chart shows that silver has completed its retracement from January's high, which touched $32.49. The MACD is pointing lower with continuous selling pressure as the stochastic confirms more consolidation is to be expected.
Silver is now trading below its 200-DMA, which may not bode well in the next few days -- unless a solid support can be found. Look to short the market on any rebound for now. Otherwise, staying on the side lines could be a better option.
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Bearish On Silver: Expect Selling Pressure
Published 02/15/2013, 11:45 AM
Updated 05/14/2017, 06:45 AM
Bearish On Silver: Expect Selling Pressure
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