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12/17/2015 2:08:23 AM

Silver tries to stimulate a positive momentum. - technical analysis - 17-12-2015.



Silver prices gave up ground in the short term and intraday levels, as traders reap profits from the metal's recent advances, along with the continuance of the positive pressure from the simple moving average for the period 50; brushing off at the support of 14.02, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 14.64 to 13.64), in an attempt to stimulate some positive momentum which could propel the metal to rise again, along with the forming of a positive divergence in the Stochastic indicator as shown below the attached chart.

 

We therefore expect silver to recover, targeting the resistance of 14.25 again, which represents the ratio 61.8 of the same retracement levels mentioned earlier.   


Target
Risk


Support
Resistance


Trend Bullish

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