11.12.201514:00 Forex Analysis & Reviews: Technical analysis of Silver for December 11, 2015

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Technical outlook and chart setups:

Silver dropped lower as we had expected, and is trading around the level of $13.95 now. Also please note that the metal is testing the back side of the resistance trend line, which is support now. Furthermore, the Fibonacci 0.786 support of a rally between $13.80 and $14.60 is also converging at the same levels. A bullish reversal could be expected from here and bulls should regain control providing support for holding the level of $13.80. Hence, it is still recommended to hold long positions taken earlier with risk around $13.55. Immediate support is seen at $13.80, while resistance is seen at $14.60 and higher.

Trading recommendations:

Remain long now with stop at $13.55, a target is open.

Good luck!

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