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Technical analysis of Silver for November 13 2015

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Technical outlook and chart setups:

Silver hourly chart shows that the metal has been dropping to lower lows and lower highs from the levels of $16.30/40. Yesterdays' lows at $14.20 remained just shy of support at $14.00, and can be considered a test now. A breakout below $14.00 could push the metal lower, but a rally from current levels and a breakout above $14.50/60, would bring bulls back in control. It is recommended to hold long positions with risk at $14.00 and refrain from adding fresh orders. Immediate support is seen at the level $14.00, while resistance is seen at $14.50/60 and higher respectively. A potential rally remains possible, but the metal needs to clear the way the the level of $14.50.

Trading recommendations:

Remain long with stop at $14.00, a target is open.

Good luck!

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