Daily analysis of SILVER for August 07, 2015 Market Analysis Review

Overview

According to the attached H4 chart, Silver price showed an initial breach to the bearish channel's resistance as the price moves inside a minor bullish channel that appears on image, which might push the price to attempt to stop the recently dominating negative pressure. On the other hand, stochastic offers negative signal now that might push the price to decline again, thus, the minor bullish channel could form a bearish flag pattern that will assist to put the price back to the overall bearish trend in case breaking its support line at 14.50. Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to the next trend keys represented by 14.50 support and 14.80 resistance, as breaching one of them will offer clearer signal for the next destination on the intraday and short-term basis.

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