FxWirePro: Silver target extended to $26

Anyone who is familiar with our last call on silver,

“Buy Silver at current price $16.7/troy ounce, and at dips, targeting $17.3, $17.8, $18.4, $19 and $20 area with a stop loss around $14.8 area.” Will be able to relate better if not, you can check the post here, http://www.econotimes.com/FxWirePro-Silver-eyes-$20-area-197174 .

Silver has reached all the targets but both the current momentum in the metal price and the uncertainties in the global economy, especially surrounding the Britain’s fate as well as the European Union’s likely to push for further gains for the bulls.

With such an outlook and looking at the demand for safely of the precious metal we would like to extend the target for Silver to $26 area. However, we feel silver may find some resistance around $21.8 region before reaching for that.

Key supports are $18.9, $17.5, and $15.8 area.