Silver, Technical Analysis for December 03, 2015
Posted by FXTimes in Featured - December 2nd, 2015 6:25 am GMT
The daily chart setup has been presented here, which indicates that the drop from $16.30 levels might be coming to an end around $13.90 and a pullback could be in the making. It might be too early to predict that a pullback is underway but the appearance of a bullish morning star candlestick pattern does give a hint towards it. Another divergence scenario has happened when Gold made fresh lows on November 27, 2015 and Silver was holding its previous lows at $13.90.Bulls might just be carving out a potential rally till prices remain broadly above the $13.90 levels. Immediate interim support is at $13.90 levels, while resistance is seen through $14.45/50 levels respectively. This pullback rally is materialized, has got potential to push through $15.00 levels in the sessions to come. Also the RSI is just turning north from 30 levels, which indicates a potential rally ahead.
Flat for now, watching to go long.