Silver Technical Analysis (2015.08.27)
The silver markets fell during the course of the session on Wednesday, slicing through the $14.50 level. This was an area that was massively supportive previously, and the fact that we did break down suggests that the sellers have taken control yet again. We use the $14.00 level as support, but we feel that it’s probably going to get broken. If we can break below the bottom of the range for the session on Wednesday, we would be sellers. We would also be sellers though if we get some type of bounce that shows resistance near the $14.50 handle also. We have no interest in buying silver at the moment.