Silver Technical Analysis for December 24, 2015
Posted by FXTimes in Featured - December 24th, 2015 6:39 am GMT
Silver seems to have completed its first leg rally from $13.65 to $14.39 levels respectively. The metal is looking to correct the same, and drop down towards $13.90 levels before resuming its upswing. Please note that the potential upswing could extend towards $15.00/50 levels. Looking into the wave structure, ideally the metal should push above the $14.60 levels to confirm a sustained rally. The most probable direction for now could be a drop towards $13.90 levels and then turn bullish. Immediate support is seen at $14.00 levels, followed by $13.90, while resistance is seen at $14.60 levels respectively. The RSI at 70 levels also complement the bearish stance for a drop from current levels at least through the fibonacci 0.618 support ($13.90).
Short now, stop $14.55 target $13.90.