Pivot: 28.00
Our preference: Below 28, look for further downside with 23 as next target.
Alternative scenario: An upside breakout of 28 would open the way towards 29.5.
Comment: the descending 50-day moving average suggests that the silver still has potential for a decline.
Trend: ST Ltd downside; MT Bearish, we have been bearish since 21 DEC 2012 (30.1).
Key levels Comment
30.75 Horizontal resistance
29.5 Horizontal resistance
28 Pivot point
24.61 Last
23 Horizontal support
19.55 Horizontal support
17.2 Horizontal support
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