Silver looking to make good on the bearish reversal
- Buz Investors bearish reversal The precious metal is trading at $16.62 per ounce at 10:40 GMT this morning, 1.1% lower from the New York close.
- During the session, silver traded at a high of $16.96 per ounce and a low of $16.55 per ounce. In the New York session on Friday, silvbearish reversaler rose 2.16% and closed at $16.80 per ounce, tracking gains in gold prices.
- Immediate downside, the first support level is seen at $16.34 per ounce, while on the upside, the first resistance level is at $16.92 per ounce.
bearish reversal Earlier in the week we discussed Monday’s Bearish Reversal day in silver prices, and asked whether or not it would lead to the same outcome as last week (immediately lower prices following the bearish reversal bar on 11/22), or was there possibly a bullish scenario setting up behind the scenes on the intra-day time-frame. As per usual, we gave the benefit of the doubt to the higher time-frame, and has thus far been
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Since Monday, silver prices have weakened a bit, and while not as quickly as they did following the reversal bar on 11/22, the outcome is generally the same – lower. Yesterday’s failure to push higher again helps forge the case for shorts.
Gold has been the better market for sellers, however, with major support in the 1190/1200 region having been broken last week and the metal unable to recapture. We are still looking for our comparable support zone in silver, 16/15.80. It’s taking some time to get there, but the path of least resistance suggests we will see it sooner rather than later. At this time, it would require a close back above the Monday high of 16.86 for us to consider alternative paths.
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