comex silver price analysis : watch support 15.8$

comex silver price analysis

Silver spot is trading at 15.94 with half a percent loss for today. On daily chart, silver continue downtrend with another losing day. Trading way below major averages with strong bearish price pattern and indicators pattern. On downside 15.8$ is strong support and traders must watch it.

If silver gives reversal from 15.8$ then expect it as short term buying opportunity with price target 16.8$ with stop loss of 15.5$. But daily closing below 15.8$ means another bearish breakdown and strong trend continuation pattern. That will be perfect silver shorting opportunity for target 14.9$ with stop loss 16$.

15.8$ – 15.5$ is previous bottom support and around it silver forms “double bottom” pattern which is also bullish reversal pattern.

On weekly chart, current price pattern suggesting silver might test 2014 lows of 14$. So traders must keep bearish positions with strict stop loss in place while investors wait for 14 or even below levels for long term buying.

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Pramod Baviskar

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