Silver ’s failure at $17.70 and weekly reversal have nullified any apparent breakout on the daily chart. Moreover, some traders and investors are neglecting the more important resistance levels of $17.70/oz and the $17.70-$17.99/oz which stem from the tops. The weekly reversal in Silver coupled with the continued poor performance . The positive aspect is this failed breakout could lead to a selloff and ultimately lower risk entry points in a number of juniors. We will exercise caution and patience as we expect metals and miners to trend lower in the days and weeks ahead.
Trade active
Comment:
Please Revise or Trail stop loss from 17.99 to RECENT SWING HIGH 17.00 IST 8.00 pm
Trade closed: target reached
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Overview The silver price continues trading downwards below the 17.00 barrier, reinforcing the expectations for achieving more downward targets that test 16.56 levels mainly. It points to the steadiness of this level against the negative pressure that will help the price resume the main bullish trend. Therefore, the bearish bias will remain preferred for today unless breaching and holding above 17.43 levels, where a breach of this level will leads the price to achieve positive targets that begin at 18.30 mainly. The expected trading range for today is between the 16.70 support and the 17.10 resistance.