Silver is finally breaking out of a prolonged sideways trading range, the measured move target of the rectangular range is at 22.15 region. However serious positive technical developments has materialized as outlined on chart, which suggest a possible medium term bottom has completed
Never traded silver. From your chart it looks like the price is near a res. where it should trade sideways with possible breakout to 23's. What I see on my chart is that price reached the 161.8 of last peak high near the 78.6 ret. of previous high. Thinking about going short, what would be your opinion about shorting at this price level?
Technician
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Yes possible resistance area, which also coincides with gold hitting key Fibonacci retracement,But trying to short without confirmation at current level is like catching a falling knife
Technician
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especially that the first hit of that resistance resulted in a downside pullback.