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Daily analysis of Silver for November 09, 2015

SILVERH4.png

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Overview

According to the H4 chart, silver price showed a impulsive breakout of the key support at 14.85 and settled below it, which reinforces our expectations of continuing bearish trend in an upcoming period. The way to the level of 13.96 is open now. Currently, stochastic might push the price to the broken support before resuming the suggested bearish trend, which found continuous support at the EMA 50. Noting that breaching the level of 14.85 will stop the suggested decline and help the price recover attempts. Targets are seen at 15.40 extanding to 15.85.

WE expect a trading range between support of 14.00 and resistance of 15.00 today.



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