Silver attacks an important resistance - Technical Analysis - 08-02-2016
Silver prices rose in the intraday levels and short term, with the ongoing support of the SMA50, along with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart, with silver then reaching the important resistance of 14.97, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the medium term (from 16.35 to 13.58).
Therefore we forecast more gains to come for the white metal, especially if the breach of the resistance of 14.97 is confirmed, targeting thereafter the next resistance at 15.29, which represents the ratio 61.8% of the same retracement levels.
Trend
Bullish