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    Daily analysis of Silver for 23 February, 2016 2016-02-23

    SILVERH4.png

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    Overview

    The silver price found a strong support at 15.00 levels; the strong decline that began yesterday has stopped. The price is about to trade again above 15.15 levels, which stop the negative effect of the head and shoulders pattern that appears in the image and makes us return to neutrality until confirming the next trend clearly. The price needs to breach one of critical levels represented by 15.00 support and 15.70 resistance to detect the next targets clearly. Breaching this resistance represents the extension key for silver gains towards 16.35 as the first main station; while breaking 15.00 support will put the price under the negative pressure on the short-term basis, and negative targets begin at 14.67 and then 14.27.

    The expected trading range for today is between 14.70 support and 15.70 resistance.


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