Silver bounced from 15.58 (higher than my previous expectation) to 16.40 in one shot.
The bullish momentum seems to be stronger now and it seems that we are ready to test this range (17.40-17.90). However, I can not confirm that this is the end of the downtrend. I am still waiting for cheaper silver to buy for long term.
Sell silver in any place around 17.80 and hold on till it hits 15 level again, I am expecting this to be slowly move as the previous one!
The Silver (XAG/USD) has the following major resistance and support levels:
- RESISTANCE: 18.60
- SUPPORT: 15
Breaking these levels in any direction will take us higher or lower.
My Daily BUY/SELL advice (30 pips stop loss applied):
- Sell: at 17.80 – Take profit 17 (80 pips profits)
- Sell: at 17.50 – Take profit 17 (50 pips profits)
- Sell: at 17.20 – Take profit 16.50 (70 pips profits)
This review is valid during trading week: 27th-30th April, 2015