Silver - 240 - What next?
Quick idea.
Silver sold off heavily yesterday, most likely because a rebound in the equities, so the safe-haven-interest had diminished. For now, everything is still on the edge. From the short-term perspective, silver could still drift a bit lower, especially if it struggles to move either above the 23.6% retracement on the Fibonacci, or above the 17.65 barrier. This is when we may see another round of selling.
We will take a very conservative approach with the upside scenario and wait for at least a move back above the 18.15 zone.
Please see the chart for details.
Don't forget your stop-loss.
Silver sold off heavily yesterday, most likely because a rebound in the equities, so the safe-haven-interest had diminished. For now, everything is still on the edge. From the short-term perspective, silver could still drift a bit lower, especially if it struggles to move either above the 23.6% retracement on the Fibonacci, or above the 17.65 barrier. This is when we may see another round of selling.
We will take a very conservative approach with the upside scenario and wait for at least a move back above the 18.15 zone.
Please see the chart for details.
Don't forget your stop-loss.
Trader’s Espresso – 07:00 GMT
Trader’s Tea Time – 14:15 GMT