Silver forecast Mar 20, 2013

Cyprus`s parliament tremendously refused on Tuesday the proposed levy on bank deposits as a clause for a European bailout. Finance minister of Cyprus, Michael Sarris, presented resignation, however the president of Cyprus rejected the resignation.

Spot Silver failed to maintain a directional bias, and still there is no trad able setup. Silver Spot is stuck within these levels for few weeks. Momentum indicators are directing up, and Spot Silver traded to the upper line of a triangle pushing against the resistance. It may fall further, but around 28.500 buyers with deep interest will come in to stop every decline.

Support         28.500        28.200            28.000            27.500            27.000

Resistance  29.000         29.400            29.600            30.100            30.500

Silver Forecast

Based on the Silver news and explanations above we recommend buying spot silver at 28.500 and taking profit in stages at 29.000 and 29.350.