Technical analysis of Silver for December 09, 2015
December 9, 2015 8:00 am
Technical outlook and chart setups:
Silver is has been trading lower since it rallied last week and hit a high of $14.60. Please note that a counter-trend rally might have completed and bears can take control back, prices stay below the level of $14.60. Also note that the metal has remained just shy of Fibonacci 0.382 resistance level at $14.80. Immediate resistance is seen at $15.00, while support is seen at $13.80. We still do not see valid reason for concluding that the overall bearish outlook is over for the metal.
Trading recommendations:
Remain flat now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver is has been trading lower since it rallied last week and hit a high of $14.60. Please note that a counter-trend rally might have completed and bears can take control back, prices stay below the level of $14.60. Also note that the metal has remained just shy of Fibonacci 0.382 resistance level at $14.80. Immediate resistance is seen at $15.00, while support is seen at $13.80. We still do not see valid reason for concluding that the overall bearish outlook is over for the metal.
Trading recommendations:
Remain flat now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: