FX.co ★ Daily analysis of Silver for October 30, 2015

Overview

Silver prices declined yesterday to approach the key support at 15.40. The price moves inside a minor bearish channel, which appeared on the chart. We believe that it forms a bullish continuation flag pattern that we are waiting to assist in enabling the price to resume the bullish correctional trend. Stochastic produces a positive signal now, which supports the chances of targeting the mentioned flag resistance located at 16.00. Reaching this level represents the key to rally towards the areas around 16.85. Overall, we will continue to expect a bullish trend in the upcoming period unless breaking 15.40. We remind you that holding above the level of 15.40 represents an important condition for the continuation of the suggested bullish trend, where breaking it will put the price under negative pressure, Targets are at 14.85 and 13.69.