With the opening of this week, silver has achieved a quick drop towards 20.35 territories after achieving consecutive bearish movements during the previous period. SMA 20 and SMA 50 continue to cover prices as well, reinforcing resuming the major short-term bearishness. RSI 14 should cause a huge fluctuation as it has dropped below the value of 30.00 but MACD becomes negative again following the short-lived correction ended at 24.80. Carefully note that a break below 20.35 boundaries will weaken the psychological level of 20.00.
Support: 21.00, 20.60, 20.35, 20.00, 19.25
Resistance: 21.90, 22.25, 22.75, 23.25, 24.00
Recommendation Based on the explanations and chart above, we believe that selling the metal around 21.70 targeting 20.00 followed by 18.35 and stop loss at 23.25 could be appropriate this week.
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Spot Silver May Breakout To $19.25 Levels
Published 05/20/2013, 06:35 AM
Updated 05/14/2017, 06:45 AM
Spot Silver May Breakout To $19.25 Levels
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