My current active open trades: XAGUSD & AUDUSD (option)
Silver – Sitting on Key Support MT (daily chart)
After breaking below the two month support around 19.25 last week, which we suggested was most probable, silver has mostly sold off, now currently parked on a major support level MT near 18.45.
The 18.45 was a key structural support and resistance going back 2013 (support) and 2014 (resistance), thus making it a role reversal level.
Hence I think there will be some bids parked here and will attempt to produce a bounce.
If this level holds, then 19.25 becomes the first resistance, and clearing this puts 21 back into context.
However, if this level folds, then the next support isn’t coming …... Keep reading