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    Technical analysis of Silver for November 10, 2015


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    Technical outlook and chart setups:

    Silver has dropped a bit lower than expected earlier, as depicted on the daily chart here. The metal is seen to be bouncing off the $14.45 levels, pretty close to the $14.40 support of October 02, 2015. Furthermore, the metal is also testing the backside of the resistance turned into a support trend line as shown here. We need to see a bullish candlestick reversal to confirm that the structure remains constructive for the bulls. It is recommended to hold long positions taken earlier, with risk just below the $14.40 levels for now. Immediate support is seen at the $14.40 levels followed by $14.25/00 and lower, while resistance is seen at the $16.00 levels and higher. Prices need to hold above the $14.00 levels for bulls to remain in control.

    Trading recommendations:

    Remain long, add further positions, stop is at $14.00, target is open.

    Good luck!


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