{"id":50068,"date":"2014-04-24T08:54:40","date_gmt":"2014-04-24T12:54:40","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=50068"},"modified":"2014-04-24T08:54:40","modified_gmt":"2014-04-24T12:54:40","slug":"silver-slips-tests-2014s-low","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2014\/04\/24\/silver-slips-tests-2014s-low\/","title":{"rendered":"Silver Slips Again; Tests 2014\u2019s Low"},"content":{"rendered":"

Technical Sentiment: Bearish<\/strong><\/span><\/p>\n

Key Takeaways<\/strong>
\n\u2022 After consolidating for a week, Silver tripped stop losses below $19.22;
\n\u2022 2014\u2019s low of $18.98, was reached and the market respected it;
\n\u2022 Silver in serious trouble below $18.90;
\n\u2022 Upside potential based on year old triangle formation.<\/p>\n

As investors flee the safe haven provided by precious metals, gold and silver continue to take hit after hit. Silver went on another selling frenzy during the European session, only to hit 2014\u2019s Low of $18.98 before rising back above the $19.00 handle. Silver is at an interesting cross-road now, with more losses expected if the current low fails; with some chances for bullish potential due to a year old triangle formation.<\/p>\n

Technical Analysis<\/strong><\/p>\n

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The Silver Daily chart shows a large triangle formation. The support trendline is based on 28th June 2013 Low and 31st December 2013 Low, while the resistance trendline dates back to 28th August.<\/p>\n

Silver almost touched the support of the triangle formation at $18.91. Hence, we could state this is a crucial location for the commodity. A break and close below the support $18.91 could spell trouble as it opens the way towards $18.20. If the multi-year downtrend from 2011 also comes into play, it will be very hard for Silver to resuscitate and end the year on a positive note.<\/p>\n

The only intermediary support level between $18.91 and $18.20 is December\u2019s Low of $18.64. If price drops accelerate heavily below $19.00, these support levels are not likely to present any bottom-catching opportunities.<\/p>\n

For any upside potential to be viable, the Daily bars should close above $18.91. There is still a long way up until price can beat the most notable recent swing high, priced at $19.54. Only a higher high would change short-medium term outlook to bullish.<\/p>\n

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\nPrepared by Alexandru Z., Chief Currency Strategist at Capital Trust Markets<\/a><\/p>\n

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Technical Sentiment: Bearish Key Takeaways \u2022 After consolidating for a week, Silver tripped stop losses below $19.22; \u2022 2014\u2019s low of $18.98, was reached and the market respected it; \u2022 Silver in serious trouble below $18.90; \u2022 Upside potential based on year old triangle formation. As investors flee the safe haven provided by precious metals, … <\/p>\n

Continue reading “Silver Slips Again; Tests 2014\u2019s Low”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-50068","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/50068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=50068"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/50068\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=50068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=50068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=50068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}