Silver is showing short term bullish clues

October 28, 2015

Silver (XAGUSD), Daily

Silver is showing short term bullish clues as it retraces the May High (17.760) August low (13.96) down trend. Silver price now looks to be consolidating in a bullish pennant pattern. Moving average analysis spots a bull cross of the 10, 50 SMA with current price testing the yearly moving average. Stochastic Oscillator analysis confirms bullish momentum. Technically, long positions can be supported for a price objection near resistance level R1 (16.80). Alternatively, any price break below the bullish pennant may call for a test of support level 14.70. Traders should now be on alert for a breakout trade set-up in either direction; however, the bias does remain to the upside.

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