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Silver Technical Analysis for December 31, 2015

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The 4H chart view presented here indicates that Silver is seen to be bouncing from fibonacci 0.88 support levels around the $13.75 levels. The metal has also produced an engulfing bullish candlestick pattern on the hourly chart view and bulls seem to be poised to extend through $14.60 and $15.00 levels respectively. Immediate support is seen at $13.65 levels while resistance is seen at $14.40 levels (interim), followed by $14.60 levels respectively. Looking into the wave structure, the metal had already broken past its resistance trend line (not shown in this view), and prices have retraced lower forming potential bottom around $13.75 levels. The next move should be expected on the north side, till $13.65 levels remain intact. Moreover, RSI reversing from 30 levels is encouraging for bulls.

Trading recommendations:

Long now, stop at $13.40, target is open.

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