InstaForex - Analytics


696.00 6.50/10
61% of positive reviews

Technical analysis of Silver for November 04 2015

Show full picture

Technical outlook and chart setups:

Silver seems to be converging towards the Fibonacci 0.618 support around $15.14/20 levels as depicted here. The metal should find support there and produce a bullish reversal soon. Please note that the metal is still around the past resistance turned into support levels as well. A bullish turn here should indicate a potential reversal for the metal. It is still recommended to hold long positions, with risk around the $14.40 levels for now. Immediate support is seen at the $15.00 levels, followed by $14.40 and lower, while resistance is seen at the $16.50 levels and higher.

Trading recommendations:

Remain long, stop is at $14.40, target is open.

Good luck!

To leave a comment you must or Join us

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree