Silver: On Crossroad
Shiv Kumar | Jan 11, 2017 07:18AM ET
Here is what i said about silver on 6th January 2017:
Below is the reproduced chart of that day:
As we expected silver found support quickly near 16.40 area and reversed higher and pricnted a high of 16.947 so far at the time of writing.
Here is the latest 5 Hr chart below:
RSI is showing small bearish diversion just below overbought area, moreover MACD is also showing weakness though it is far away form clear indication of bearish crossover but still saying to reamain cautious with long positions with the tight stops if it is for speculation purpose.
Try longs only after sustained trades above the 17.30 area. if this resistance band is not cleared then we might see some corrective pullbacks here towards the area of 16.30 followed by 16.10 and 15.90$
If silver takesout the resistance of 17.30 then the further targets area will be 17.80 followed by 18.80 and 19.00 area
Resistance: 17.00/17.35
Support : 16.70/16.30
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