InstaForex - Analytics


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    Daily analysis of Silver for October 20, 2015


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    The silver price broke the 15.85 level and settled below it, which might push the price to test the critical support base at 15.40 before it return to resume the bullish trend, as we mentioned in our last reports. The price needs to settle above this level for the continuation of the bullish correctional trend supported by Stochastic in order to enter the oversold levels now. Therefore, we will keep preferring the overall bullish trend on the intraday and short-term basis, the price needs to breach the 15.85 level to ease targeting 16.30 and 16.85 in the upcoming sessions. Breaking the 15.40 level will stop the positive expectations and pushes the price towards 14.85 and 13.96 initially. In general, we will continue suggesting the bullish trend conditioned by holding above the mark of 15.40.

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