The moving average pushes on Silver – Analysis - 19/12/2014

Silver price fluctuates around the bearish resistance line that appears on image, while the EMA50 puts negative pressure on the intraday trading to support the continuation of the bearish trend suggested in our previous reports, which depends on holding below 16.55, as this level represents 23.6% Fibonacci for the decline that appears on chart, which means that breaching it will push the price to visit areas begin at 17.50 then 18.30.

The main waited target is located at 15.00, and breaking it will extend the bearish wave to reach 14.00 followed by 13.65 areas.

Expected trading range for today is between: 15.00 support and 16.55 resistance.

Expected trend for today: Bearish