Silver (14.10.2014) lost more than 15% from july 2014 & probably looking for some relief now.
Now silver is trading around $17.46 area & as we can see on charts, silver probably building support from 161.8% Fibonacci retracement of the last upside move. This level could be consider as neckline for silver future movement & well supported by the candlestick pattern & oversold indicators.
On fundamental side, improving economic data as well as possible supportive move in gold boost the silver price.
Based on above studies, silver possibly move to $18.50 & then $19.50 in coming weeks but need a stability above $17.60 before that while a day close below $16.65 will delay the forecast.
Note – Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us