Silver Reversal in the Works
October 12th, 2009 Posted in Tech Analysis
Name: Anton Eljwizat
Email:
Silver prices gained sharply in last week’s trading session and touched a record high of $17.94 per ounce, as a weaker dollar provided support to the upside. However, as I demonstrate below, that the silver may very well be heading for a reversal, and it might have the potential of reaching towards $17.40 in the coming days. Forex traders can take advantage of this imminent downward movement by entering short positions at an excellent entry price.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: The Slow Stochastic indicates a fresh bearish cross, which may signal a downward movement is going to occur in the near future.
• Point 2: The price currently floats in the over-bought territory, highlighting downward pressure.
• Point 3: A bearish cross, and the potential for a second bearish cross in the near future, may indicate an immediate correction in the nearest time-frame.
Silver Daily Chart
Start trading with Anton Eljwizat now:
Tags: blog, forex blog, MACD, RSI, silver, silver prices, Slow Stochastic, Technical Analysis
