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Technical analysis of Silver for November 05 2015


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Technical outlook and chart setups:

Silver has converged towards $15.00/10 levels as expected and discussed earlier as seen on the daily chart setups depicted here. Please note that the metal is trading at a strong fibonacci convergence around current levels, and a bullish reversal here, would be extremely encouraging. On the flip side, a drop below the trend line support towards $14.40 levels would delay matters. It is recommended to remain long for now with risk just below $14.40 levels. Immediate support is seen at $14.40 levels and lower, while resistance is seen at $16.30/50 levels and higher respectively. Bullish setup is favored till prices are above $14.40 levels.

Trading recommendations:

Remain long for now, stop at $14.40, a target is open.

Good luck!



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Number of comments: 1
  • Joeneil
    • #

    What a nice movement, it is expected, I guess the November is really good time for trading metals, and especially silver.


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