Silver Monthly – 2014 July (moved)

2014 Monthly Closing Support Resistance

  • July      9.34 10.03 10.39 12.20 13.19 17.31  19.35 19.74 21.40 23.95 25.13 28.32 30.32
  • June   10.08 10.02 11.63 13.12 13.57 17.38 19.24  19.60 22.05 24.35 25.12 28.25 30.20
  • May                 10.03 12.81 14.03 13.95 17.44  19.16  19.47 22.75 24.71 25.11 28.16 30.18
  • April                             12.73 13.94 14.30 17.50 19.07  19.39 23.23 25.16 25.11 28.06 30.17
  • March                                                                 17.56 18.99 19.26 24.07 25.51 25.10 27.97 30.15

Silver broke out of the triangle shown last month passing 2 resistance levels but not making the 3rd, closing the month with a high at 21.205. As a result I have redrawn the channels so you can see the extremes, which have also been syncronised with the Q update so you can see the same picture in more detail, with the darker channels being the most likely. As silvers close was below February's, a spike high this month under 22.07 is expected to complete either D-1 or W-4. Failure to make a new high above its current 21.33 will make it difficult to assess the fractal wave scale.

PM Silver M 20140708

This month there is strong support from multiple fractal scales around 19.77 and if by mid month prices fail to test the 22 level then a close at the first support level will be tested. In summary high may be in however a test of first resistance at 21.40 is expected, with a high no more than 22.12 followed by a drop to 19.74 support.

JUNE

Silver closed below its May support and opened weak, below what was May support and now it's first June resistance! Failure to close above 19.24 is very bearish as that would be a 4th failure (support retest) of its M-1-2-3MLL so we could expect a rapid slide pausing around its primary June support of 17.40.

PM Silver M 20140604

As you can see prices are along the MMF0-1-2MLU, indicating assuming the count is correct, a strongly overbought position so when it breaks expect big drops.

Monthly Support {} Resistance has been added to the chart.

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