Silver Technical Analysis – Important Test of Previously Broken 1-yr Trend-line
Silver Technical Analysis: at March trend-line
The silver price outlook may hinge on how things play out here at the retest of the broken March trend-line. A break of a trend-line doesn’t necessarily mean a trend change is imminent, but it is can certainly be an early warning sign. A turn back lower from here would bring into play support surrounding the 200-day at 24.21, but a break below there could set into motion a larger down-move. A recapturing of the line may help bolster the prospects of seeing silver reassert its longer-term uptrend. See the video for details.
Silver Daily Chart (March trend-line retest in play)
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---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.