Weekly close below 23.547 is a concern for southward movement, if things unravel over the weekend and this turns into a Global sell off, then following analysis on Daily time frame works well.
In yesterday article about WTI Crude, I mentioned that my monthly downside Target of WTI Crude was 67.91, by the same method of calculation, determined silver monthly Target of 21.90 minimum, extension is 20.505 and allow it to 19.798 finally.
First resistance it will face at 23.54, which may be short opportunity, for above said levels with protective stop of 24.50.Only a Daily close above 24.47 will negate bearish perception.
In Between our short level and Final Target of 20.505,have on eye on 22.65, Bulls need to protect this level, if Bears taken out ,quick reaction till 21.075 will be seen, even 20.50-19.79 can’t be ruled out.
Physical Bullions Traders may get best bid at 20.505, be ready as action may be very quick.
