Silver: No Bottom In Sight
Jason Sen | Oct 01, 2014 07:50AM ET
Silver has fallen every week for 12 weeks, except once when we closed unchanged. Clearly a very strong bear trend therefore. No sign of a bottoming out yet so the break of 1745/40 was expected as was the break of 1732/27 and we hit our target of 1715/10 this week.
This held initially for a nice bounce back to 1740 then another collapse from here to 1685. Probably no need to repeat this, but we are in a very strong bear trend! A break below 1685/80 keeps the market under pressure to target 1655/50 then 1630.
Immediate resistance at 1727/32 could hold a move higher but above here a selling opportunity at 1743/45 with stops above 1752.
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.