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Silver Prices: Trading Levels in Play

Silver Prices: Trading Levels in Play

Paul Robinson, Strategist

What’s inside:

  • Silver rejected on attempted break above resistance
  • Multi-week upward trend still in tact
  • 2-hour chart helps provide clarity, trading levels

Trading Guides and Forecasts

On Wednesday, when looking at silver prices we discussed the critical area surrounding 17. This is what we had to say from a tactical standpoint:

“Traders looking to short, now is the time for price action to turn bearish – whether it be a sharp turn lower or a key reversal bar on a failed breakout above resistance. This would be the first true indication of a break in the upward momentum since bottoming in late-December.”

On Wednesday, silver traded up above the 17.24 threshold we had penciled in before reversing and closing at the low of the session. It was a sign of rejection, a sign that momentum was turning back lower. But we need to see a break in the upward trend off the December lows before the down-side can gain traction.

Silver: Daily

Silver Prices: Trading Levels in Play

Created with Tradingview

Pulling in closer to a 2-hour chart, silver is currently holding a lower parallel; and if silver is to make good on the rejection over 17 it will first need to break the near-term trend. Short-term traders looking to buy the dip on support, the lower parallel offers a line-in-the-sand. Resistance lies not far ahead, though, so a bounce back above 17 (especially 17.20/33) could stall-out quickly until overtaken on a daily closing basis. A drop below the lower parallel would be the cue for longs to turn cautious and shorts to look for a continuation of the rejection from resistance.

Support first arrives at yesterday’s low at 16.70, and beyond there we look to a couple of swing lows in the 16.56/50 vicinity and then 16.23. On the daily chart, there is potential for support to arrive at a parallel extending down off the December highs; this line is married to the lower parallel where silver found its low in December, crosses under lows in November and October. The level is in the 16.45/40 vicinity. Between short-term swing lows and the daily parallel, 16.40/56 will be a pivotal zone of support should we see weakness set in.

2-hour

Silver Prices: Trading Levels in Play

Created with Tradingview

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---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

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

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