Technical analysis of Silver for December 04, 2015
December 4, 2015 7:30 am
Technical outlook and chart setups:
Silver is testing its immediate trend-line resistance of $14.10 at the moment. Please note that the metal had bounced back after hitting lows around $13.82 earlier. Resistance is seen at the fibonacci 0.786 level now. A breakout above the trend line and subsequently above $14.25/30 in coming sessions could encourage bulls, but in favor of the continued downtrend, we still expect the metal to drop towards $13.00 as shown here. It is therefore recommended to remain flat. Immediate support is seen the levels of $13.82 followed by $13.00 and lower, while resistance is seen at $14.30 followed by $14.45/50 and higher.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver is testing its immediate trend-line resistance of $14.10 at the moment. Please note that the metal had bounced back after hitting lows around $13.82 earlier. Resistance is seen at the fibonacci 0.786 level now. A breakout above the trend line and subsequently above $14.25/30 in coming sessions could encourage bulls, but in favor of the continued downtrend, we still expect the metal to drop towards $13.00 as shown here. It is therefore recommended to remain flat. Immediate support is seen the levels of $13.82 followed by $13.00 and lower, while resistance is seen at $14.30 followed by $14.45/50 and higher.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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