Silver Morning Technical Report 30/10/2014
ecPulse
2014-10-30 08:15AM UTC
Silver dropped and broke the support 16.97 that was trading above in a sideways range. Stability below the referred to level is negative, as the mentioned break below followed the U.S. Federal Reserve decision yesterday and the dollar strength, which favors extending the downside move. Technically, the price is still trading within the overall downside move, and trading below 17.00 became negative.
Only a break above 17.27 weakens the downside move, while breaching 17.80 fails the downside move completely. Without that, the downside move could extend further.
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