Silver skipping into protection around the 16.15 line
Gold is going head to head with levels in the 1260s and somewhat higher
As yet assuming the best about downtrend and protection levels
Commodity Trading Signals: Silver is as of now lifting into a territory of protection around 16.15 comprising of a couple of lows in May and October. Recently, we saw a little hand bring down over an endeavor to exchange on through, yet it wasn’t the most persuading dismissal. Somewhat more substance to a turnaround is expected to increase conviction that silver needs to exchange bring down once more. Should we see the skip expand higher, 16.34 up to 16.62 will be peered toward as the following levels of protection.
A turn lower will bring the low at 15.62 again into seeing alongside the lower parallel from which the present skip is mounting from and in particular the 2003 pattern line and July spike-low. This would be the perfect spot for silver to exchange for a major picture rally to grow later on. Be that as it may, for the time being, the swing higher is just seen as a restorative bob as long as the pattern structure stays bearish and protection levels stay in place.
Gold encountered an auction to a lesser degree as silver, so it’s nothing unexpected that it is recouping with more quality. It is right now exchanging into the base of the blockage time frame it broke free from not long ago. The 200-day additionally lies not long ways ahead alongside the pattern line off the September high.
From current step up into the low 1270s is a vital zone. A dismissal will bring the current low in 1236 once again into a center and from that point the January and December 2015 pattern lines. Source Dailyfx