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Tuesday, May 6, 2014

Daily Silver Technical Update and Forecast(5 May 2014)

Silver Daily Technical Analysis and Outlook:


Prices recently reached a low of 18.85 and strongly retraced back to 19.68. The price zone at 18.69-18.20 remains an important price area. A break of this zone would give way for much lower prices with the initial target being 17.25-17.05 zone. On the daily price chart we have a morning star candlestick pattern formation which portends a bullish move ahead. The low of the pattern is at 18.85 close enough to the 18.69-18.20 price area which has contained all the major lows since July 2013. At this juncture the initial target for the upside move is at the 20.40 level.
P.S:However at this point of time we consider the bearish case to be an alternative scenario.
Happy Trading..