Silver Recovers to $15.20 an Ounce
February 9th, 2010 Posted in Technical Analysis
Silver prices steadied above $15.20 on Tuesday, but sentiment continued to be hurt by worries over fiscal stability in Europe, curbing appetite for riskier assets such as commodities. Silver recovery from three-month lows hit last week has been limited due to technical selling and fund liquidation amid an uncertain economic outlook. Traders should take advantage of this unique opportunity and use the volatile market in order to capitalize profits.
Pivot: 15.00
Our Preference: LONG positions @ 15.15 with 15.5 & 16 as next targets.
Alternative scenario: The downside penetration of 15 will call for a slide towards 14.5 & 14.
Comment: the price is escaping from its descending channel.
Trend: ST Ltd upside; MT Bearish
Key levels Comment
16.4**
16***
15.5**
15.24 Last
15**
14.5**
14**
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Tags: commodity, Forex, forex blog, silver, silver prices, Silver today, Technical Analysis
