Iran rejects U.S. war proposal, says no talks before conditions met
- Silver tested good support at 4835/4810.
- Longs needed stops below 4750, and we made a low for the day at 4749.
- We hit the 1st targets 4910 for a very decent 80-90 tick profit and reversed from 4930.
- I think we are consolidating sideways before another move lower.
- First resistance at 4900/4920 could mark a high for the day, but shorts need stops above 4945.
- Strong resistance at 4990/5020 is likely to hold if we do break higher, and shorts need stops above 5045.
- On a break below 4740, my next target is 4650.
- At this stage it will be getting too risky to be short. Silver bulls will be looking for bargains.
- Trend line support at 4640/4620 could see a low for the correction and therefore could be an excellent longer-term buying opportunity.
- Longs need stops below 4590.
- Just be aware that a break below 4590 can target an excellent buying opportunity at 4460/4440, and longs need stops below 4395.
