Similar to gold, silver presents a bearish candle stick formation combined with 2 candlesticks closing below the initial resistance of 13.50 which encourages us to say that more downside action is highly anticipated on the intraday basis aiming to retest the most important level of 13.25 again and any clear break occurs below it will activate our expected bearish towards 13.00 areas. Carefully note that Gator oscillator supports this bearishness.
The trading range for today is among the key support at 12.85 and key resistance now at 14.00.
The general trend is to the upside as far as 12.00 remains intact with targets at 16.50.
|According to our analysis, we believe that it is good sell silver at 13.40 with targets at 13.00 and stop loss at 13.75.|