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Silver Futures: Support At 1595 Is Key

Published 11/20/2014, 04:14 AM
Updated 07/09/2023, 06:31 AM

Silver Futures

Silver support at 1595 is the key to direction today. The failure to beat strong resistance at 16.55/65 yesterday has now turned the outlook negative. Below 1595 today should target 1580/77 then good support at 1565/61. A good chance of a low for the day here and should be worth buying into longs with a stop below 1550. Just be aware that a break lower again would target 1535.

Immediate resistance at 1618/20 but above here we could target 1635/40. Exit any longs and try shorts from here up to 1655/65 which is expected to hold any move higher again today. Shorts need stops above 16.75. Be ready however to go with an unexpected positive break higher to target 17.02/17.10.

Latest comments

17$ handle should be there and even more up to 17.80 levels as a break above 16.55 will unleash a flurry of short covering and that is wht is going to happen as tremendous shorts r built at these lower levels and it is pay back time for the bears now.
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