Similar to gold, silver moves trendless trapped inside the same range seen last week between 13.50 and 12.85 and as shown on the secondary chart that the resistance around 13.30 became a very strong zone forcing the price to pull back continuously with every attempt. Therefore we predict that the downside move is in favor on the intraday basis towards testing the super cluster support areas at 12.85 first and any clear break out occurs below it will accelerate this anticipated bearishness towards 12.50. Carefully note that volumes are very low.
The trading range for today is among the key support at 12.50 and key resistance now at 14.90.
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 13.15 with targets at 12.60 and stop loss at 13.60.|