tested good support at 4835/4810.
Longs needed stops below 4750, and we made a low for the day at 4749.
We hit the 1st targets 4910 for a very decent 80-90 tick profit and reversed from 4930.
I think we are consolidating sideways before another move lower.
First resistance at 4900/4920 could mark a high for the day, but shorts need stops above 4945.
Strong resistance at 4990/5020 is likely to hold if we do break higher, and shorts need stops above 5045.
On a break below 4740, my next target is 4650.
At this stage it will be getting too risky to be short. Silver bulls will be looking for bargains.
Trend line support at 4640/4620 could see a low for the correction and therefore could be an excellent longer-term buying opportunity.
Longs need stops below 4590.
Just be aware that a break below 4590 can target an excellent buying opportunity at 4460/4440, and longs need stops below 4395.
Silver Collapses as Expected: Where Next for the Metal?
