28.10.201504:27 Forex Analysis & Reviews: Daily analysis of Silver for October 28, 2015

Long-term review

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Overview

Silver price continues to fluctuate near 15.85. The price confines within a symmetrical triangle pattern that appears in the chart therefore breaching the resistance level of this pattern at 16.05 will provide a continuation of a bullish trend on a short-term basis. Its next targets is seen at 16.85. We observe an attempt to approach the mentioned resistance level at 16.05, supported by the positive signal that came from stochastic, keeping positive expectations valid for today. It reminds you that breaching the mentioned level will support the expectations of rising towards 16.85. Therefore, we keep preferring the bullish trend in upcoming sessions conditioned by holding above the level of 15.40.

Expected trading range for today is seen between support at 15.40 and resistance at 16.30.

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