10.12.201508:42 Forex Analysis & Reviews: Technical analysis of Silver for December 10, 2015

Long-term review

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Technical outlook and chart setups:

Silver retraced to Fibonacci 0.618 levels from its last week's highs to the level of $14.17. Please note that the metal can still drop lower towards $14.00 (which is also the Fibonacci 0.786 support), before resuming its rally. Also watch out for the immediate resistance line turned support around $14.00. Hence it is recommended to initiate 50% long positions now remaining around $14.00 with risk at $13.55. Immediate support is seen at the level of $13.80, while resistance is seen at the level of $14.60 (interim), followed by $15.10 and higher. Bulls are poised to take control back until prices stay above $13.80.

Trading recommendations:

Initiate 50% long positions remaining 50% at $14.00 with stop at $13.55, a target is open.

Good luck!

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