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Technical analysis of Silver for November 10, 2015

Technical outlook and chart setups:

Silver has dropped a bit lower than expected earlier, as depicted on the daily chart here. The metal is seen to be bouncing off the $14.45 levels, pretty close to the $14.40 support of October 02, 2015. Furthermore, the metal is also testing the backside of the resistance turned into a support trend line as shown here. We need to see a bullish candlestick reversal to confirm that the structure remains constructive for the bulls. It is recommended to hold long positions taken earlier, with risk just below the $14.40 levels for now. Immediate support is seen at the $14.40 levels followed by $14.25/00 and lower, while resistance is seen at the $16.00 levels and higher. Prices need to hold above the $14.00 levels for bulls to remain in control.

Trading recommendations:

Remain long, add further positions, stop is at $14.00, target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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Technical analysis of Silver for November 10, 2015 Reviewed by on . Technical outlook and chart setups:Silver has dropped a bit lower than expected earlier, as depicted on the daily chart here. The metal is seen to be bouncing o Technical outlook and chart setups:Silver has dropped a bit lower than expected earlier, as depicted on the daily chart here. The metal is seen to be bouncing o Rating:
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