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Home » Featured » Silver Technical Analysis for November 09, 2015

Silver Technical Analysis for November 09, 2015

Posted by FXTimes in Featured - November 9th, 2015 7:32 am GMT

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Chart Setups:
A 4H chart view has been presented here, in continuation to what was discussed last week. Please note that the metal has dropped slightly below the expected $15.00 levels here, but is seen to be testing a rising trend line support. Also the fibonacci 0.786 support, of the rally between $14.40 and $16.30 levels has been holding well. A bullish bounce here, would still encourage an extended rally above $16.50 levels in the coming weeks. Immediate support is seen around $14.40 levels, followed by $14.00 and lower, while resistance is seen at $15.10 levels, followed by $16.00 and higher respectively. If bulls manage to regain control here with $14.40 still intact, the metal could push through $17.50 levels in the coming trade sessions.
Trading recommendations:
Remain long, stop below $14.40 levels, target is open.
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