Spot Silver Trading Near Key Supports, Beware
CommodityOnline | Jul 14, 2013 02:35AM ET
Silver has been falling in a channelised manner since the last few months. It has formed a channel within a channel. On the downside, the white metal cracked through multiple previous lows and has reached the lower end of both the channels. It has achieved the medium-term equality target on the downside.
The daily momentum indicator is showing a positive divergence and has triggered a bullish crossover. Thus, unless the recent low of $18.19 breaks, the white metal is expected to show a descent recovery. The key level on the upside is at $21.50.
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