empty
 
 
03.11.2014 08:00 AM
Technical analysis of Silver for November 03, 2014

This image is no longer relevant

Technical outlook and chart setups:

Silver droppeds to $15.75 levels in the early hours today before pulling back to $15.94/95 levels. The metal is producing a hammer on the daily chart view, which indicates a potential bottom. Yet, recommendations are to remain on sidelines and wait for a confirmation. Support is around $14.60 and lower, while resistance is seen at $17.80/$18.00, followed by $18.80 and higher respectively. Bears seem to be firmly in control till prices stay below $17.50 and subsequently $17.80. The larger time frame chart views indicate a potential bottom formation around $16.00 levels. It can be confirmed on a bullish reversal signal on the daily chart.

Trading recommendations:

Remain flat for now.

Good luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback