Silver Spot XAG/USD May Manage A Recovery To 1960
Jason Sen | Dec 19, 2013 05:06AM ET
Silver headed for resistance at 2028/33 and a selling opportunity but halted a little early at 2024 before collapsing to our buying opportunity at 1950/45. We bottomed almost exactly here at 1941 and may manage a recovery as far as 1960/62 for some profit taking on longs. If we continue higher look for 1971/75 to exit remaining longs and perhaps try shorts with stops above 1985.
The outlook is quite negative though so be ready to stop out of longs and go with a break below 1940. Next target is 1927 then 1920/19.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.