Well currently silver is looking oversold....our first weekly support 1 is around 14.40
Next one to be tested is 14.09
At the moment in my view this price can do 2 things....Well the first thing is intraday price can consolidate alittle back towards 15$-16$
Alternative is that price could break due to Fed interest rate hike decision that's around on 17th September. Targets in that case would be 13$-12$....Major short would be below 14$.....However it depends on the Fed decision.....As China has been cutting their interest rates, and it also affects the Gold+silver prices....But the question is for how long :). Anything is possible. Hence it leads to option C==wait for Fed decision :p....Than we can try to catch this silver train :)
Next one to be tested is 14.09
At the moment in my view this price can do 2 things....Well the first thing is intraday price can consolidate alittle back towards 15$-16$
Alternative is that price could break due to Fed interest rate hike decision that's around on 17th September. Targets in that case would be 13$-12$....Major short would be below 14$.....However it depends on the Fed decision.....As China has been cutting their interest rates, and it also affects the Gold+silver prices....But the question is for how long :). Anything is possible. Hence it leads to option C==wait for Fed decision :p....Than we can try to catch this silver train :)