Silver amid negative outlooks – Technical Analysis – 11-11-2015

Silver price moves within descending channel, falling under continuous negative pressure from the moving average 50, while the price rose after reaching this channel’s support at 14.30 in attempt to retrace this bearish trend and recover some of the previous losses, approaching from 14.55 resistance, accompanied by touching the mentioned channel’s with the moving average, besides forming negative divergence on stochastic, having negative factors that will push on the price in the coming period.

Therefore, we expect silver price decline in coming trading to target 14.30 key support again.