Silver’s latest failure into key level at 41.0513 may signal a bearish pattern. Our short position remains intact, favouring a potential sharp decline over the next few days.
Near-term support can be found at 39.1425. A break here would trigger downside risk into 33.8416 (32.8% Fib), near the long-term 200-day MA at 33.5707.
Remember that key macro support exists at 26.9600 (50% Fib-1999 bull market) and would still mean that silver’s long-term uptrend remains intact.
Meanwhile, bulls would now need to close above the recent reversal high at 41.4500 to offer a sustainable recovery higher into our next target zone between 43.1136-43.8477.
We also continue to watch silver’s relative performance against gold, which is currently unwinding (already up 37%), from extreme oversold conditions.
Please see the attached chart below...
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02.08.2011 Daily Technical Report SILVER
Published 08/02/2011, 06:23 AM
Updated 03/09/2019, 08:30 AM
02.08.2011 Daily Technical Report SILVER
Failure into key resistance may signal bearish pattern.
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