Silver, the Gold’s little brother had a long downtrend from (49.85 to 14.20) just like the gold from the second half of year 2011, lasted years: 2012, 2013. Year 2014 was a supportive year for the silver too with few dips to stay above the 14.20 level during the first quarter of 2015.
Currently, the bullish momentum is very weak and I can not see any real reason for the silver to go up. Metals tend to be cheaper in front of a strong dollar so, sell silver with confidence that it will test at least the 15 level since it is the closest support in this range. Notice that, I can see that even this support (around 15 level) is weak enough to be broken. We will need to wait until we reach this point before being able to say whether there will be a reversal or a continuity for the previous downtrend
Sell silver in any place around 16.80-16.50 and hold on till it hits 15 level again, I am expecting this to be slowly move
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 16.75 – Take profit 16 (75 pips profits)
- Sell: at 16 – Take profit 15.5 (50 pips profits)
This review is valid during trading week(s): 8th-14th April, 2015