Technical outlook and chart setups:
Silver seems to have formed an interim low around $15.30 levels yesterday before pulling back. Please note that the metal has bounced off a potential fibonacci convergence around the $15.30 levels. Furthermore, past resistance turned support also falls around the same levels. Bulls shall be poised to take control from here till prices stay above $15.30 levels. It is hence recommended to remain long and also look to initiate fresh long positions with risk around $14.40 levels. Immediate support is seen at $15.30 levels, followed by $15.00, $14.40 and lower, while resistance is seen through $16.50 levels, followed by $17.50 and higher respectively.
Trading recommendations:
Remain long, stop at $14.40, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for November 03, 2015 . Thanks for your support.
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