Silver is now testing the intermediate support of its medium term bearish channel at 32.80 suggesting a rebound. But a puncture of these levels will free a large potential and entail a decline to the lower limit of this one to 30.60.
Technical indicators provides buy-signals and are approaching the ovesell zone supporting the assumptions of a rebound. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market indicates a bullish opportunity at the levels of 32.80 with the 1st objective of 33.30, then of 33.50. A break though 32.60 will change this plan.
