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Friday, April 25, 2014

Daily Silver Technical Update and Forecast(25 April 2014)

Silver Daily Technical Analysis and Outlook:

In our last update, nearly a month ago, a breach of 20.00 was considered to be a bearish omen for silver and it proved to be so. Overall more than 90% of the advance seen in silver since January 1 has been retraced which was not expected. However the 20.00 level was cited to be important in our previous post. Now in the current scenario a break below the 18.69-18.20 would a bearish signal for silver and the next target would be around the 17-16 or even 15. The low at 18.20 is an important low of an morning star candlestick pattern formed over the months of July,August and September of 2013. Provided the above said levels hold in the short term we could see a move towards the 22.45-22.80 level.

Happy Trading..