Silver overcomes obstacles

Silver (COMEX:SIN14) has had a significant bullish rally and has overcome short-term obstacles.

The fact that silver trades above the 200-day moving average, the bearish trend-line and the 61.8% Fibonacci, are those all bullish technical elements that allow to speculate for a continuation of the recovery toward previous highs.

A break above $ 21.30 will enable more rallys looking to take back the $ 22.00-22.15 area with the previous highs, without ruling out a bullish continuation towards more ambitious front values.

Faced with possible casualties we see that silver finds support at $ 20.15 and potentially 19.50 dollars, beaing the previous minimum of 18.50 the key medium-term support for the metal and where the uptrend should be finally resumed.


About the Author
Julian Yosovitch
Julian Yosovitch is a trader, and columnist for Ambito Fiinanciero (Argentina), Gestion (Peru),, Inversion and Finanzas (Spain).
He holds a Bachelor of Business Administration and a Professor Master in Finance (UDESA). He is also a Capital Markets Specialist (UBA-IAMC) and Financial Markets Analyst - Ruarte´s Reports Trader. Follow his blogs here, and folow him on Twitter @julianyosovitch.
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