FX.co ★ Daily analysis of SILVER for August 17, 2015

Overview

According to the shown H4 chart, Silver price declined with the end of the last week trading near the EMA50, which represents a good intraday support base that protect the positive scenario on the intraday basis, noticing that stochastic reaches the oversold levels now. It supports the chance of resuming the bullish bias in the upcoming sessions, waiting for testing the 16.05 level initially.Therefore, the bullish trend will remain valid and active unless breaking the 15.00 level, where breaking this level will push the price to visit the 14.40 level directly.

In general, we keep preferring the bullish trend if the price settled above the 15.00 level, pointing that breaching the 16.05 level will extend gold gains to reach 17.10 in the near term.