Binary options on Silver fell by some 0.37% on Friday’s session, with closing underlying asset prices at $28.52. Binary traders have been the main buyers of Put options just before the week-end and have pushed prices over important supports. Some rebound could be seen on current levels and binary traders could eyes for higher prices over next session.
Recently Silver prices have break out of their downtrend channel from the previous sessions and started to trade on a small bullish uptrend channel. On Friday’s trading session, binary traders have pushed back silver prices over the lower support line of the channel at $27.81. With RSI indicators situated at 46.12, binary traders could buy back some call binary options for at test of the main resistance situated at $28.93. A break from those levels could push back silver prices over the $29.51 area. On the downside view, a break and close below $27.81, could push back the metal prices over the upper line of the channel support at $27.70 for the time being.
The information in the above analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.