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Daily analysis of SILVER for August 24, 2015

SILVERH4.png

Overview

According to the shown H4 chart, Silver price declined clearly this morning to test the key support 14.80 accompanied by stochastic move at the oversold areas now to keep the chances valid to resume the expected bullish trend for the upcoming period, which depends on holding above the mentioned level, as breaking it will push the price to test the most important support at 14.40, and the bearish wave might extend to reach the 12.80 areas on the near-term basis. Therefore, the price needs a bullish rebound and breaching the 15.60 level to revive the positive overview followed by achieving our targets that start at 16.05 and extend to 16.85.

The material has been provided by InstaForex Company - www.instaforex.com