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Facts:
- Silver price bounced off the upper limit of 1:1 structure at 64.16
- The main trend remains downward from the beginning of June
Recommendation: Trade: Short position on Silver at market price Target: 61.70, 60.60 Stop: 65.26
Opinion:
Looking at the technical situation on Silver, we can see that the recent downward correction stopped at the key resistance. The 64.16 resistance is marked with the lower limit of 1:1 structure (green rectangle). According to the Overbalance methodology, bouncing off the 1:1 market geometry signals that the mid-term sentiment remains bearish. In addition the price sits below the 100-period moving average from the M30 interval. Taking this into account, one could expect the price to move lower from current levels. We recommend going short Silver at market price with two targets: 61.70, 60.60. We also recommend placing a stop loss order at 65.26.
Source: xStation5
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