Spot Silver May Trade On Negative Note

Published 05/16/2013, 07:44 AM
Updated 05/14/2017, 06:45 AM
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NOTE
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ACT
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Silver headed lower, revisiting the 22.50 support level and approaching the main recent low at 22.05. The overall bias is bearish; however, the recent price action remains sideways, unless price breaks below this key low at 22.05, which may confirm the continuation of the overall bearish wave. For today, we could see a bounce ahead of resuming the bearish bias.
Spot Silver
Support: 22.50, 22.25, 22.00, 21.75, 21.50
Resistance: 22.85, 23.25, 23.40, 23.70, 24.00

Recommendation Based on the charts and explanations above, we prefer to short silver below 22.85 targeting 22.50 and 22.00. Stop loss above 23.25


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