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Technical analysis of Silver for March 06, 2015

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Technical outlook and chart setups:

Silver is also testing its recent lows at $16.00 levels before resuming its rally towards $19.00 and $21.00 levels respectively. The metal is also holding the fibonacci 0.618 support of the rally between $14.75 and $18.50 levels for now. Bulls should be poised to remain in control till prices stay above $15.50 levels. Hence, it is recommended to remain long with risk at $15.50 levels. Immediate support is seen at $16.00 levels (interim), followed by $15.50 and lower while resistance is seen at $17.40/50 levels, followed by $18.40/50 and higher respectively.

Trading recommendations:

Remain long for now, stop at $15.50, a target is open.

Good luck!

Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015

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