While Silver’s precious metal counterpart gold has been declining steadily and has broken into new yearly low this week, Silver has steadily found support around $14.8 area. Higher demand for silver in China amid a lower…
While Silver’s precious metal counterpart gold has been declining steadily and has broken into new yearly low this week, Silver has steadily found support around $14.8 area.
Higher demand for silver in China amid a lower level of inventory is keeping the price supported.
However, our calculations suggest that silver bulls are likely to give up amid selling pressure in precious metal.
Trade idea:
Our calculations suggest that silver is likely to fall to the next bearish target of $14.6 per troy ounce, and gradually move towards the next target around $14.2 per troy ounce.
The real test for the bulls lies around $13.9-14 area, a break of which would see a sharp decline with silver moving towards $12.4 per troy ounce.
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