Silver - Successful test of the recent low at 19.60

November 29, 2013

San Francisco (Nov 29)  Silver has successfully tested its recent low at 19.60, suggesting a potential short-term double-bottom. A break of the resistance at 20.32 (25/11/2013 high) is needed to confirm such technical configuration. Other resistances stand at 20.52 (20/11/2013 high) and 20.92. Another support can be found at 19.17. The failure to break the strong resistance area between 24.87 (26/04/2013 high) and 26.07 (26/09/2011 low), coupled with the subsequent decline, favour a medium-term phase of weakness. The break of the key support at 20.50 favours a move towards the next key support at 18.23 (28/06/2013 low).    (Courtesy:  MIG BANK)

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