Silver is closing the week near 18.49. This is the third up week in a row off last reaction low of 16.13. This week we broke above previous major high 18.09, making new 2009 highs to 18.83.
While the metal closes above 18.09, we see risk for Silver to trade to July 2008 high of 19.47. The Gold Silver ratio is closing lower this week at current 62.16 from previous Friday’s close of 63.71.
This 62.02 as an important weekly pivot due to its previous significance as resistance in September. Now support for the silver is seen at 28360 and below could see a test of 28205. Resistance is now likely to be seen at 28611, a move above could see prices testing 28707.
Trading Ideas:
SILVER TRADING RANGE IS 27800-29200.
SILVER ENDED HIGHER ON SATURDAY TRACKING HIGHER GOLD PRICES
BUY SILVER DEC ABV 28580 SL 28360 TGT 28650-28740-28800-28880.
SILVER IS HAVING SUPPORT AT 28380 AND RESISTANCE AT 28640.
SILVER ABV 18.58$ LOOKS TILL 18.70-18.94$ LEVEL
