Silver Closing in on Key Support

The Commodity Specialist view - An earlier recovery in Silver this year peaked in May, with subsequent price action turning consolidative. The market is now not far from key support, and focus is currently very much on this.

• WEEKLY CONTINUATION CHART: Earlier resistance from the 19.40 area was challenged recently, but the will wasn’t there to break through. Meanwhile note the 23.6% pullback level at 17.20 –key, pivotal support when combined with the 17.15 level on the Daily front month chart below.
• DAILY CHART – SEP-10: The current consolidation continues here, with key support remaining at the 17.15 05-May low, so far avoiding momentum loss. Note how this low nicely coincides with 23.6% on the Weekly continuation chart –a break below would be a clear s/term bear sign. Meanwhile the higher Fibo projection, around 20.80, stays out of reach for now. In the Commodity Specialist Guide we have maintained a bullish stance, but are ready to change.

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