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Spot Silver Resumes Bear Trend

ByJason Sen
Published 11/12/2013, 05:21 AM
Updated 07/09/2023, 06:31 AM
SI
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Spot Silver Technicals
Silver resumed the two and a half year bear trend as predicted yesterday and held below the 100 day moving average at headed for our target and support at 21.05/00 and as expected this has held the downside. We bottomed exactly here at 21.04 but this could mark the low for the week. We are very oversold, we have hit 4 month trend line support and there is a good chance of a recovery over the next couple of days. We look for a move towards 21.28 then 21.43/45 which could hold the move. However a break higher cannot be ruled out and could target strong resistance at 21.53/55 for a short term selling opportunity.

We can use 21.05/00 as a buying opportunity again today, with stops below 21.90. On a break lower look for a test of the next support at 20.55/50 and a buying opportunity.

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