Forex Price Action – Silver Holds Above Dynamic Resistance | Oct. 25th

Posted on Oct 25, 2012 in Daily Signals | 0 comments

Silver
As noted two days ago, Silver was showing reducing price action spreads which suggested to me it was bottoming out around $31.50.  That is exactly what happened, and has now broken above the dynamic resistance, holding above it for the last 12hrs.  If the $32 level and dynamic support can hold, then an attack on $32.50 should be next up, and clearing this opens the door for $33.00.

Short term traders can look for possible sells at $32.47 or $33.00 on corrective weakness, while aggressive bulls can buy at $32.00, or corrective pullbacks into $31.50.

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