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4/8/2016 4:43:25 AM

Silver faces a difficult challange - Technical Analysis - 08-04-2016



Silver prices rose in the intraday levels and short term trading, as they are affected by breaching the main upward medium-term trend line, retesting its resistance with its latest climb, while coinciding with another test of the resistance of the SMA for the last 50 days period, while also in tandem with testing the resistance of 15.17, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 13.63 to 16.12), raising the resilience of this area against the silver's advances in the intraday levels.

Therefore we expect silver to slip in the coming trading, especially if the resistance of 15.17 held on, targeting the support of 14.88, representing the ratio 50% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bearish

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