Silver … Holding Support

Silver futures (symbol: SI) have experienced a large, yet choppy, sell off from its $49.82 high of Apr11. The movement down to $18.185 in Jun13 represents a 76% retracement, a common retracement target. The Jun13 retracement also tested, and failed to penetrate, the long running downtrend line from the Apr11 high.

Silver Chart, 08Apr14

Consolidation could be complete at the $18.185 level. Failure to hold the $18.185 level suggests a test of the $8.40 low from Oct08. Successful support at the $18.185 level suggests trade back into the $26-36 range.

Murphy & Co’s Silver model currently holds a short Silver Futures (symbol: SI) position.

Posted in Metals, Silver, Uncategorized Tagged with: , , , ,

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