Key Points

• Slight indecision close to the support region
• Bearish momentum gaining traction as prices are below the 60 MA
• Long term trend still inclined to the upside

Prices turned southwards after failing to re-enter the monthly ascending channel during a bullish recovery last week. On Tuesday a slight bullish movement stalled after prices hit the 60 Moving Average. The 60 MA has become a dynamic resistance line keeping prices subdued onto the downside since the beginning of October.

There are some hints of slight indecision close to the support region as bears are hesitant to touch the support at $22.23 nor the October low at $21.61.  If bears successfully draw prices close to the support line, then it will be the fourth time prices have tested the support without breaking it. Currently, prices are playing above the descending (red) support line. At series of rejection candles around the red line have exposed the hesitation of bears to immediately challenge the $22,23 support. Possible bullish strength will be confirmed if prices manage to close above the 60 MA in the $24.00 region.

Looking at the two-week price decline it is appropriate to conclude that the bearish momentum is gaining traction as prices are below the 60MA. The Relative Strength Index is tinkering towards the oversold region with a reading of 39.57 despite the fact that it has been flat during the greater part of this week.

Through observing the current direction of the 200 Moving Average it is unbiased to declare that the Silver market is still bullish from a long term perspective. After the strong bullish rally took prices all the way up to $30.00 a correction down to the long-term value line can be deemed as a health market movement.

Silver Daily Chart

Trends

Moving Average	Simple	Exponential
60	24.51 SELL	24.20 SELL
100	24.77 SELL	23.58 SELL
200	20.53 BUY	21.77 BUY

Pivot Points (Daily)

Name	S3	S2	S1	Pivot	R1	R2	R3
Gold	1789.26	1796.73	1801.86	1809.33	1814.46	1821.93	1827.06
Silver	22.78	22.98	23.10	23.30	23.41	23.61	23.73
Platinum	938.35	944.95	955.00	964.60	974.65	984.25	994.30
Palladium	2299.41	2318.53	2351.76	2370.88	2404.11	2423.23	2456.46

Pivot Points (Weekly)

Name	S3	S2	S1	Pivot	R1	R2	R3
Gold	1800.94	1825.47	1848.94	1873.47	1896.94	1921.47	1944.94
Silver	22.15	22.91	23.63	24.39	25.12	25.88	26.60
Platinum	826.30	858.20	905.30	937.20	984.30	1016.20	1063.30
Palladium	2167.51	2220.43	2273.36	2326.28	2379.21	2432.13	2485.06