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8 Oct 2013
Look to buy silver around 21.75 targeting 23.30 - 2ndSkies
FXstreet.com (Barcelona) - Silver prices, amid the dis functioning US government, jumped up to 22.40+ by breaking away from a 3-week range between 21.30 and 22, which included a fake downside break in between.
According to Chris Capre, Founder at 2ndSkies: "Selling off for the last month, the precious metal is starting to show signs of a reversal from the prior downtrend. Today the pair jumped higher gaining over 100 points on the day while clearing the 20ema for the first time in three weeks, suggesting a possible reversal."
Capre suggests buyers to look for intraday price action signals around 21.75 targeting 23.30. "Bears will need to wait till this next resistance level before selling with only a daily close below 21.20 will turn this short term bullish momentum" Capre added.
According to Chris Capre, Founder at 2ndSkies: "Selling off for the last month, the precious metal is starting to show signs of a reversal from the prior downtrend. Today the pair jumped higher gaining over 100 points on the day while clearing the 20ema for the first time in three weeks, suggesting a possible reversal."
Capre suggests buyers to look for intraday price action signals around 21.75 targeting 23.30. "Bears will need to wait till this next resistance level before selling with only a daily close below 21.20 will turn this short term bullish momentum" Capre added.