March silver futures hit a four-week low. The silver bears have gained the overall near-term technical advantage as a downtrend has been restarted on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.00. First resistance is seen at $17.75 and then at $18.00. Next support is seen at $17.42 and then at $17.25.
Buying the dip on the promise of Chinese stimulus has been the primary story in today’s market. It helped to support stock markets and removed some of the impetus from safe havens.Click HERE to subscribe to Fuller Treacy Money Back to top