December silver futures prices closed nearer the session low Thursday and did hit a two-week high early on. Short covering was featured. The silver bears still have the firm overall near-term technical advantage. 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 the contract low of $16.64. First resistance is seen at Thursday’s high of $17.72 and then at $18.00. Next support is seen at $17.25 and then at $17.00. Wyckoffs Market Rating: 2.0.
Posted on: Fri, 10 Oct 2014 00:00:36 +0000
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