July 18, 2012

SILVER Chart analysis

  • Silver holding above Weekly support line will give hope of an up move for bulls of silver. But price is getting resisted at the 50 Day SMA. Silver bulls need a daily close above 50 Day SMA for a possible up move to happen.
  • Major support is the 26 level. Break below this level will take Silver towards the golden ratio shown in the monthly chart. Golden ratio may save silver bulls from a bigger fall.

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