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Silver Technical Analysis: Confluence of Support May Soon Break

Silver Technical Analysis: Confluence of Support May Soon Break

Paul Robinson, Strategist

Silver technical highlights:

  • Silver has solid support at its feet
  • Confluence between price and trend-line
  • Gold range-break suggests silver may soon cave with it

For a longer-term fundamental and technical outlook on Precious Metals or any of your favorite markets/currency pairs, check out the DailyFX 2Q Forecasts.

Lately, silver has held up better than its big brother, gold, but if the yellow metal continues to trade lower then the confluence of support at silver’s feet may soon break. There are several inflection points in the low-16s running back to February which have helped keep price supported, while recently the trend-line from July has come in as assistance in keeping silver buoyed.

For starters, support is to be respected as such until it breaks. With that said, shorting in anticipation of it breaking isn’t the most prudent approach. It looks likely to break, though, especially with gold having a good distance to go before making good on an extended move from its recent range-break.

On a confirmed break below 16.06, that is – a closing daily bar beneath the threshold, there isn’t any significant support until the December low and 2003 trend-line. The long-term trend-line coupled with the swing-low will likely make for a substantial floor around 15.60.

At the immediate moment we’ll need to be patient for shorts, but perhaps this week we’ll see the break we’re looking for. On the flip-side, for those who are long or looking to establish a long, support can be used as a backstop for assessing risk.

Traders are 4-1 long gold, check out the IG Client Sentiment page to see how this acts as a contrarian indicator for both gold and silver.

Silver Daily Chart (Confluence of support at risk)

Silver daily chart, confluence of support could soon break

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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