Silver Trades Close To Upside Support
ICN.com | Jan 30, 2015 04:50AM ET
Silver prices dropped sharply yesterday and broke 17.07 levels. Holding below 17.93 triggered the referred to downside move, whereas trading below it broke the next support 17.07. The metal is currently trading close to the support of the upside move, but stabilizing below 17.07 could break this support that resides on intraday basis at 16.54.
RSI 14 and MACD are showing a negative bias that confirms the downside move. Linear Regression Indicator 34 turned negative and the metal is trading below Linear Regression Indicator 55, which indicates that further bearishness is possible today if the price broke below the support 16.54.
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