Silver Futures: Support At 1595 Is Key
Jason Sen | Nov 20, 2014 04:14AM ET
Silver support at 1595 is the key to direction today. The failure to beat strong resistance at 16.55/65 yesterday has now turned the outlook negative. Below 1595 today should target 1580/77 then good support at 1565/61. A good chance of a low for the day here and should be worth buying into longs with a stop below 1550. Just be aware that a break lower again would target 1535.
Immediate resistance at 1618/20 but above here we could target 1635/40. Exit any longs and try shorts from here up to 1655/65 which is expected to hold any move higher again today. Shorts need stops above 16.75. Be ready however to go with an unexpected positive break higher to target 17.02/17.10.
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