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Technical analysis of Silver for November 02 2015

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Technical outlook and chart setups:

Silver has also dropped lower, as expected and discussed earlier, through $15.50 levels for now. The metal could still see prices dropping to $15.20 levels, which is also the fibonacci 0.618 support, of the entire rally from $14.40 through $16.30 levels respectively. The drop could unfold in a corrective manner as depicted through arrows here. It is recommended to initiate 50% long positions now and the remaining 50% lower around $15.20 levels, with risk around $14.40. Immediate support is seen through $15.00 levels, followed by $14.70/80 and lower, while resistance is seen through $16.30 levels (interim), followed by $16.50 and higher respectively.

Trading recommendations:

Initiate long positions (50%) now and remain around $15.20 levels, stop is at $14.20, a target is open.

Good luck!

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