Silver is facing negative pressures – Technical Analysis – 05-11-2015

Silver price decline affected by the moving average 50 negative pressure, to break the key support 15.16 recently, which represents 50% Fibonacci level of the short term bullish wave from 13.97 to 16.35, accompanied by surpassing the bullish trend line on the short term basis, which puts more negative pressure on the coming trading.

Thus, the decline will be expected as long as 15.16 resistance remains intact, targeting 14.88 support line that represents 61.8% Fibonacci level.