Technical outlook and chart setups:
Silver has also produced a doji yesterday, indicating a potential reversal ahead. The metal bottomed at $15.75 levels before closing well above $16.00 levels. Presently trading at the $15.90/95 levels, the metal could see support coming in here. A push through $16.50 levels could confirm that a potential bottom is in place at $15.75 levels for now. Support is seen at $15.75 (interim), followed by $14.60, while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher up respectively. It is recommended to stay flat for now and watch out for a potential bullish reversal candlestick pattern on the daily chart.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for November 04, 2014 . Thanks for your support.
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