Silver – Silver fell significantly lower after price breaks the 15.27 support level and 14.75 support level as we expected in our 3rd November 2015 Market Outlook and 5th November 2015 Market Outlook. Traders who went short at the breakout may consider continue holding onto the short position with a trailing stop as price is likely going to continue to move lower into its next support level at 14.40. Traders who missed the shorting opportunities earlier may consider shorting this market when price pullback to resistance level or when price breaks the 14.40 support level as if the 14.40 support level is broken, we are then likely going to see price decline into its next support level at 13.98.
Pound Dollar – GBP/USD trend is obviously bearish after the strong decline we have in last week market. The strong decline in GBP/USD broke its 1.5115 support level and had now turned into a resistance level which traders may consider looking for shorting opportunity to jump on the bearish trend. The next support level is not found until 1.4983 which offer traders massive profit margin to trade the short side.
Pound Loonie – GBP/CAD is currently trading below its 2.0089 resistance level which traders may consider shorting as the momentum is currently bearish after price breaks the 2.0089 support level. Traders who would like to short this market may have the 1.9900 support level to serve as the first target to take profits. If price is able to fall through its 1.9900 support level, it’s then likely going to head towards its next support level at 1.9750.
Posted on 2015-11-10 06:30:27