Technical Analysis of Silver for April 14, 2016
Technical outlook and chart setups:
Silver is still seen to be holding well above $16.00 levels and might be looking to push through $16.40 levels before producing a meaningful retracement. The metal rallied past $16.30 levels yesterday, slightly above expectations, and might print yet another high before pulling back. The metal is sending mixed signals at the moment and hence it is recommended to remain flat for now, awaiting further confirmation for directions. Immediate resistance is seen at $16.35 levels, while support is at $16.00 levels respectively. Ideally, bears are expected to regain control soon since the metal should pull back lower before extending its rally.
Trading recommendations:
Remain flat for now OR go aggressively short now, stop at $16.50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
