Silver moved lower today after testing the 100 hour MA and breaking below the 200 hour MA at the 27.83 (currently). The break lower extended to last Friday’s low at the 27.60 level and the low from August 3rd at 27.59. The low today reached 27.61 and held.
The correction higher has pushed the market back to the 200 hour MA at the 27.83. This also is near the close from yesterday at 27.80. The midpoint of the days range comes in at 27.81. Stay below 27.83 and the downside is favored. Move above and the selling over the last few days becomes just another rotation to support.
