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Daily analysis of SILVER for August 05, 2015

SILVERH4.png

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The H4 chart demonstrates that, Silver price fluctuates within a tight range, settled below 14.70.Therefore, we keep on preferring the bearish trend in upcoming sessions. It needs to break the level of 14.40 to head towards the next target at 12.80. The EMA50 and stochastic continue to provide negative signals, which support the downside track expectations.

Silver price settles below the bearish channel's resistance level that appears in the chart, which meets the EMA50 to strengthen it, while stochastic provides negative overlapping signal in the four-hour time frame, therefore. These factors encourage us to keep on preferring the bearish trend in the upcoming period, To open the way towards 12.80, the level of 14.40 needs to be broken.

You should be aware that breaching 14.70 will stop the current decline and pushes the price to test the level of 16.05 before detecting the next trend.

  • Resistance levels : R1(15) R2(14.88) R3(14.74)
  • Support levels: S1(15) S2(14.88) S3(14.74)
  • Support levels: S1(15) S2(14.88) S3(14.74)


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