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    Technical analysis of Silver for November 27, 2015


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    Technical outlook and chart setups:

    Silver inched higher to $14.40 after having tested the back side of the resistance trend line as seen here. The metal has retraced lower since then and reached lows at $14.10 until now. Please note that $14.10 is also the Fibonacci support of 0.618 of the rally from $13.91 to $14.41. A bullish bounce now could trigger a counter trend rally towards $14.90 and higher. It is hence recommended to initiate long positions now with risk at $13.70. Immediate support is seen at $14.00 followed by $13.91 and lower, while resistance is seen at $14.45 and higher. A breakout below $13.90 could see the metal dropping towards at least $13.00.

    Trading recommendations:

    Initiate long positions, stop is seen at $13.70, a target is open.

    Good luck!


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