SILVER UPDATE>>>>>>>The trading remained within a range above 17.00 and below 17.80 since the 7th of October 2014. Trading within this range forces us to move to the sidelines, and we will not take a position unless the price breaks 17.00 and stabilizes below it. We notice weak signals on MACD and RSI, and despite the negativity of Linear Regression Indicators, the metal is trading slightly above it but below Fibonacci level 13% at 17.27.
Breaking 17.00 and stabilizing below it activates the overall downside move again and triggers a bearish wave that target breaking the previous bottom 16.63 and move directly towards 16.27 and 16.00 at least. From the upside, several resistances forces us not to buy the metal now, and the closest resistance is 13% correction followed by 17.50 levels.
Breaking 17.00 and stabilizing below it activates the overall downside move again and triggers a bearish wave that target breaking the previous bottom 16.63 and move directly towards 16.27 and 16.00 at least. From the upside, several resistances forces us not to buy the metal now, and the closest resistance is 13% correction followed by 17.50 levels.