- Silver price trades into key area of resistance
- Move beyond likely to bring target of 19 into play
- Last week made nine consecutive weeks higher
Last week, we looked beyond just the price action in silver to seek further clarity on where it was headed. While silver was continuing to channel its way higher, gold was coiling up into a triangle; one which has since resolved upward and along with it silver pushed into a key area of resistance. The area surrounding 18.50 has been high on our radar for a while now; to be more precise the very bottom of resistance clocks in at 18.40, right about where it’s trading now. The general zone around 18.50 comes by way of the swing low created in August, which set the tone later on in November. Prior to the U.S. presidential election several attempts to close above the August level were rejected, with daily closes all falling beneath the 18.50 mark.
Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinonFX.