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FX.co ★ Technical analysis of Silver for November 04 2015

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Forex Analysis:::2015-11-04T13:06:09

Technical analysis of Silver for November 04 2015

Technical analysis of Silver for November 04 2015

Technical outlook and chart setups:

Silver seems to be converging towards the Fibonacci 0.618 support around $15.14/20 levels as depicted here. The metal should find support there and produce a bullish reversal soon. Please note that the metal is still around the past resistance turned into support levels as well. A bullish turn here should indicate a potential reversal for the metal. It is still recommended to hold long positions, with risk around the $14.40 levels for now. Immediate support is seen at the $15.00 levels, followed by $14.40 and lower, while resistance is seen at the $16.50 levels and higher.

Trading recommendations:

Remain long, stop is at $14.40, target is open.

Good luck!

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