Silver tests the first correctional level – Analysis - 24/11/2014

Silver price rally stopped at 23.6 Fibonacci correction level of the bearish wave that measured at 21.55 to 15.00, where it forms a strong resistance at 16.55, and the price needs to breach this level to confirm the extension of the gains towards 17.50 levels mainly.

The EMA50 supports silver price from below, while the price remains stable above the previously breached bullish continuation flag’s resistance, these factors makes us keep preferring the bullish trend in the upcoming sessions, being aware that holding above 15.85 level to keep the chances of achieving the suggested targets.

Expected trading range for today is between: 15.85 support and 17.00 resistance.

Expected trend for today: Bullish