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24.11.2014 07:48 AM
Technical analysis of Silver for November 24, 2014

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Technical outlook and chart setups:

Silver has push higher till $16.50 levels, and might be looking to push towards $17.00 levels at least. The metal could be well supported around the $16.00 levels, followed by $15.30 and $15.00 while resistance could be met at $17.30/50, followed by $17.80/18.00 and higher respectively. It is recommended to book partial profits on long positions taken earlier, while moving risk to break even levels for now. A push higher towards $17.30 and subsequently $17.80 could be extremely bullish for the metal. Please note that fibonacci 0.618 resistance is at $16.86 levels and sloping resistance line is also passing through the same region. A bearish reaction there should be watched closely for potential reversal.

Trading recommendations:

Book partial profits on long positions taken earlier, move stop to break even on the remaining. The target is open.

Good luck!

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