Silver hits a key resistance – Technical Analysis – 08-10-2015

Silver price touched 16.00 resistance yesterday and by today’s opening, to rebound lower and gain the last rise profits, clearing the big overbought signals that appear on the relative strength indexes, approaching from leaning on the key support 15.55, seeking new low to bounce higher again, among the positive pressure that affects the price due to breaching the descending channel’s resistance, supported by the moving average 50.

Therefore, we expect to rise in the upcoming periods conditioned by the stability above 15.55, to target testing 16.00 resistance, and breaching this level will push the price towards 16.45.