Silver spot update: Undertone friendly


22 MAY 2018

The intraday chart looks increasingly bullish and the market should pick up steam once intraday resistance at 16.7450 is cleared. The weekly chart still looks friendly despite the recent inactivity. Note that both Silver and Gold have done relatively well in non-USD currencies so most visible pressure was due to USD strength, rather than intrinsic selling.

We are long Silver and Gold and remain to operate on the buy side as long as 16.20<>16.10 remains intact. Expect lots of action once 17.10 is cleared on the daily/weekly charts.

  • Near term trend: neutral/positive
  • Long term trend: neutral
  • Outlook: powerful long term bull trend > 17.10
  • Support: 16.20 / 13.10 / 15.55-
  • Resistance: 17.10 / 22.11* / 26.17*

Weekly chart Silver (spot)