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Silver looks weak on multiple time frames, with the commodity breaking the uptrend drawn from the December low last week. Silver went on to re-test this former trend, but found good sellers which should be seen as bearish.
The ten-day moving average is headed lower, while the MACD is nicely below the zero level and suggests rallies should be contained within the bearish trend. There are signs silver is a touch oversold, so I am looking for a slight re-bound to establish short positions.
On the weekly chart there is a clear and well defined downtrend, drawn from the 2011 high, which suggests rallies to 2070 should be contained here, although a closing break would suggests a reversal of the trading bias is required. There is also a rising trend, which comes in at 1908.
Looking at the hourly chart (for a more defined look at entry levels), again the trend is lower, although good buying has come in around 1923 to 1924. A break of this level is clearly needed for 1900 to come into play.
I feel traders could look to place a stop loss just above the April 14 high.
Overall this is a technical trade and I am looking to follow the trend lower (on multiple time frames).