Silver Spot XAG/USD: Breaking Out
Jason Sen | Oct 02, 2013 02:07AM ET
Silver did break out as predicted below support at the 100 day moving average at 21.50/45 to good Fibonacci support at 20.86 for a buying opportunity. This trade worked perfectly as we bottomed at 20.59 just holding the gap at 20.57. We reached resistance at 21.25 and we should struggle here again today. Failure to break higher sees a retest of 20.80/60 but we are oversold on the daily chart so a bounce from here could be expected again today. Longs need stops below 20.55 and be ready to sell in to shorts on a break lower for 20.34 and possibly 20.11.
A break above 21.30 however is more positive and should target 21.45 then a selling opportunity at 21.65. Exit longs and try shorts with stops above 21.85.
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