Silver Forecast
September 24th, 2009 Posted in Analyst Picks, In-Depth Analysis
Yesterday the precious metals including Silver initially received a boost as the U.S dollar fell to a one-year low against the euro. However, the dollar turned higher amid a weakening equities market which brought a bearish correction to the Silver prices. If the dollar remains on the defensive because of the low interest rate, then it is certainly supportive to Silver.
SILVER (Spot) intraday: Bearish below 17.1
Our Preference: SHORT positions below 17.1 with 16.72 & 16.5 in sight.
Alternative scenario: The upside breakout of 17.1 will open the way to 17.31 & 17.56.
Comment: The break below 17.1 is a negative signal. Intraday technical indicators are mixed to bearish.
Trend: ST Bullish; MT Bullish
Key levels Comment
17.56** Horizontal resistance
17.31** Horizontal resistance
17.1** Intraday pivot point
16.80 Last
16.72** Horizontal support
16.5** Horizontal support
16.32* Horizontal support
