Silver Beats 10-Year Trend Line Resistance

Credit: The Silver Institute

The yellow precious metal – gold reportedly was higher as predicted at very strong resistance and selling opportunity at 1324/26. In the context of shorts with stops above 1328, a break higher is reportedly a strong medium-term buy signal targeting 1334/35, 1340/41, 1345/46 and 1349/50, according to market experts.

It is observed that longs are quite risky, however, minor support at 1318, and better support at 1314/13. In fact, further losses target 1310. And, support at around 1309/07.

Meanwhile, the white precious metal silver finally beat a 10-year trend line resistance at 1580/90 as predicted reaching 168. Thus, reportedly holding very strong resistance at 1625/30.

It is also suggested by market experts, that in overbought conditions, it is advisable to try shorts with stops above 1637. Though a break higher is suggestive of huge longer-term buy signals, experts prefer to wait for the weekly close.

Meanwhile, minor support is reported at 1589/87, better support at 1575/72 is a buying opportunity with stops below 1567.

Leave a Reply

Your email address will not be published. Required fields are marked *