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Silver Prices Slide Lower- Support Targets View

Silver Prices Slide Lower- Support Targets View

Michael Boutros,

Talking Points

Silver Daily

Silver Daily Chart

Technical Outlook:Silver prices have continued to trade within the confines of an impressive, well-defined ascending pitchfork formation extending off the November / December lows. The precious metal failed to hold above key resistance this week on building bearish divergence at 18.33/37 – a region defined by the 50% retracement of the July decline & the 100% extension of the ascent off the December lows. The pullback is now testing a key near-term support just below the 18-handle where the 200-day moving average converges on the 50-line of the ascending slope formation.

Silver 240min

Silver 240min Chart

Notes: A closer look at price action highlights this near-term slope convergence and heading into the close of Europe the risk remains for a near-term rebound off this mark. That said, the broader focus remains weighted to the topside while above 17.51 with a breach / close above 18.37 needed to validate resumption of the uptrend. Subsequent topside objectives are eyed at 18.58, the 50-line (currently ~18.80) & the 61.8% retracement at 19.03.

  • A summary of IG Client Sentiment shows traders are net-long Silver- the ratio stands at +4.78 (82.7% of traders are long)- bearish reading
  • Long positions are 0.5% lower than yesterday but 0.8% higher from last week
  • Short positions are 7.5% lower than yesterday and 17.9% lower from last week
  • Broader sentiment continues to point lower with the recent drawdown in short-positioning further highlighting the short-bias. From a trading standpoint, silver prices are approaching support & while our focus is lower, I’d be looking for a near-term rebound before attempting entry.

What does retail trader positioning hint about the Silver trend? Learn how Sentiment can help your trading in this free guide !


Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at 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.