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Silver Eyes Key Resistance- Weakness to Be Viewed as Opportunity

Silver Eyes Key Resistance- Weakness to Be Viewed as Opportunity

2017-02-10 15:00:00
Michael Boutros, Strategist
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Talking Points

Silver Daily

Silver Daily Chart

Technical Outlook: Silver prices are responding to a key resistance confluence at 17.74/86- this region is defined by the 38.2% retracement of the July decline & the 200-day moving average and converges on a pair of slope lines extending off the 2016 highs. Although the broader outlook remains constructive, the immediate advance is at risk below this threshold with support seen at the median-line extending off the November low / 100DMA around ~17.15/29. A breach above this critical zone would likely see accelerated gains for the precious metal with such a scenario targeting confluence Fibonacci resistance at 18.33/39.

Silver 240min

Silver 240min Chart

Notes: Prices have been trading within the confines of an ascending pitchfork formation extending off the December lows with silver struggling to mount the 50-line this week. Note that we’ve been marking ongoing divergence in momentum on this advance and further highlights the near-term risk for a pullback in price.

Interim support rests with the weekly / monthly opens at 17.49/53 backed closely by the median-line / 23.6% retracement at 17.33. A break below this level would suggest a larger correction is underway targeting the weekly range lows at 17.03 & the lower parallel. Bottom line: the immediate threat is lower but ultimately weakness into the lower parallels should be viewed as a buying opportunity.

Looking for trade ideas? Review DailyFX’s 2017 1Q Projections

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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