SILVER
The upwards movement of silver in late October and early November was the sharpest movement ever spotted on the financial markets. Silver has rose by not less than 22.5% in two and a half weeks! The downward correction came rapidly and is no less aggressive than the preceding upwards movement. That said, silver's technical picture reveals that it is approaching to a touch distance from the meeting point between its trend line and the Fibonacci 38.2% retreat level around the 25.00-dollar price limit.
This level is sufficiently attractive for a buy deal on silver, which is expected to be supported at this level, and begin shaping a new upwards movement, which may return back to the previous record around 28.50 US dollars per one ounce of silver. On the other hand, it is important to plan for a reverse scenario, wherein silver breaches the trend line and continue the current wave of downwards movements. In such a case, a daily close under the 24.80 level will serve as a trigger for a sell deal with exit goals marked at 23.50, 22.00, and 20.50 US dollars per one ounce of silver respectively.