Silver Technical Analysis for November 05, 2015
Posted by FXTimes in Featured - November 5th, 2015 5:02 am GMT
A 4H chart view has been presented here to understand the immediate wave structure. As seen here, Silver is finding support around the $15.00 mark, which is also converging with the fibonacci 0.618 support, of the rally between $14.40 and $16.30 levels respectively. Also note that the metal remains close to a trend line support and the past resistance turned support area as well. A bullish candlestick signal here would more or less confirm that the correction from $16.30 levels is done with and that the metal is ready to resume its next bull leg which could extend towards $17.50 levels in the coming sessions. Immediate support is seen at $14.40 levels, while resistance is seen through $16.00 levels respectively. Also note that the RSI is turning north from 30 levels, which is bullish sign as well.
Long now, stop at $14.40, target is $17.50 at least.