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    Technical analysis of Silver for March 12, 2015

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    Technical outlook and chart setups:

    Silver has dropped lower into the $15.25 area, taking our stops out at $15.50 yesterday before puling back. Please note that the metal is still supported by fibonacci 0.786 around $15.46 as depicted here. It is still recommended to initiate fresh long positions with risk at $14.40. A bullish reversal here is likely to keep the overall structure intact and push prices higher towards $19.00 and $21.00 levels respectively. Immediate support is seen at $14.60/70 while resistance is seen at $17.00 levels followed by $17.40/50, $18.40/50 and higher respectively.

    Trading recommendations:

    Initiate fresh long positions, stop at $14.40, target is open.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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