FX.co ★ Daily analysis of SILVER for August 19, 2015

Overview

According to the attached H4 chart, Silver price broke the 15.00 level and closed the daily candlestick below it as the price completed forming a minor head and shoulders' pattern that appears on chart. It stops the recently suggested positive scenario and push the price to decline to test the 14.40 level mainly.

Therefore, the bearish bias will be suggested for the upcoming period as long as the price is below the 15.00 level supported by the EMA50, being aware that it is important to monitor the price behavior when reaching the 14.40 level as breaking it will extend silver price losses to reach 12.80 on the near-term basis.