Silver forms negative formation – Technical Analysis – 27-10-2015

Silver price traded negatively on the short term basis around the moving average 50, to signal forming a negative technical formation that will reverse the bullish trend on the short term basis, this pattern is the head and shoulders’ pattern that appears on the chart, which hints a decline in the coming periods, especially after breaking this pattern’s support line.

Therefore, we expect to witness bearish moves for silver to target 15.39 level as the first support that will face the price.