Silver Technical Analysis Update
Guest post from www.forex-fx-4x.com; free trading analysis
- The price action on Silver has yet again formed support around the 26.00 area on an attempt to move lower.
- The monthly gain to date is 3.16%.
- 61.8% Fib ret of 8.48 – 49.77 is located at the 24.35 and may come into focus on a sustained break of the key 26.00 support level.
- Upside targets include the previous price pivot around 30.80 and the pronounced 32.30 swing low from 8/5/11.
- The highlighted series of lower highs is someyimes indicative of lack of sustained selling interest on each bounce from support and could potentially be hinting towards a break of key support. A sustained move above the 25.66 (23/10/11) daily high would invalidate this lower high analysis.
Silver Daily Chart
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