Forex Price Action – Silver Holds Above Dynamic Resistance | Oct. 25th
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.
Upcoming Economic Announcements:
|NZD NBNZ Business Confidence||20.00EST|
|EUR German GfK Consumer Confidence Survey||02.00EST|
|CHF KOF Swiss Leading Indicator||03.00EST|
|USD Gross Domestic Product Price Index||08.30EST|
|USD U. of Michigan Confidence||09.55EST|
Make Sure To Check Out My Newest Articles:
Intraday Forex Price Action Setup Oct. 25th
3 Ways Archery Helps My Trading
Understanding Impulsive and Corrective Price Action