Technical Analysis of Silver for April 05, 2016
Technical outlook and chart setups:
Silver is seen to be trading at $15.10 levels at this moment, looking to reverse lower towards $14.50 levels at least before turning bullish again. The metal is stalling at a past support turned resistance level at $15.10/15 levels as depicted here. Furthermore it is also facing fibonacci 0.382 resistance of the drop between $15.40 and $14.80 levels respectively. Looks to be that a flat consolidation is now complete at $15.10 levels and the metal is poised to drop lower again. Major support is expected at $14.50 levels going forward. It is recommended to remain short now, with risk at $15.50 levels. Immediate resistance is at $15.50 levels, while support is seen at $14.80 levels respectively.
Trading recommendations:
Remain short for now, stop at $15.50, a target is $14.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
