Silver rises despite negative pressures. - Technical Analysis. - 11-01-2016
Silver prices rose in the intraday levels and short-term trading, leaning on the support of 13.97, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 13.58 to 14.38), with the continuing negative pressure from the simple moving average for the last 50 hours period, and with an influx of positive signals from relative power indicators, but there signals are in danger of irrelevance if the prices were stuck below the resistance of 14.07, which represents the ratio 38.2%.
Therefore we expect silver to depreciate in the next trading, especially if the prices fell below the support of 13.97, targeting thereafter the crucial resistance of 13.88, which represents the ratio 61.8% of the same retracement levels mentioned earlier.
Trend
Bearish