Spot Silver: Break Above 19.80 Levels May Witness Upside Momentum

Published 08/08/2013, 06:25 AM
Updated 05/14/2017, 06:45 AM

Silver rebounded after failing to break 19.25 support once again, but the price remains within the context of the recent sideways market, and below the main descending resistance shown on chart, in addition to the 50-days SMA. Therefore, the bearish scenario remains favored, where only a break above the aforementioned resistance levels will signal further upside.
Spot Silver
Support: 19.50, 19.25, 19.00, 18.70, 18.50
Resistance: 19.80, 20.10, 20.20, 20.60, 21.00

Recommendation Short below 19.80 targets at 19.25, and 18.70. Invalidation above 20.20.

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