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4/20/2016 3:34:54 AM

Silver hint at more gains - Technical Analysis - 20-04-2016



Silver prices kept rising in the intraday levels and short term trading, which comes after settling above the important support of 16.65, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the long term, with the dominance of the upward correctional trend in the short term, coupled with ongoing positive pressure from the SMA for the last 50 days period, while noting relative power indicators reached extremely overbought levels, slowing down the rise of the white metal.

Therefore we expect more gains to come for silver, as long as the support of 16.65 holds on, targeting the resistance of 17.59, which represents the ratio 50% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bullish

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