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    Technical analysis of Silver for March 18, 2015

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    Technical outlook and chart setups:

    Silver has been holding the fibonacci 0.786 support level well around $15.30/50 over a few sessions now. The metal should be poised to resume its uptrend untill the price stays above $14.00. It is hence recommended to remain long and also look to add further ahead of the level of $14.00, with risk below $14.00 for now. Immediate support is seen at $14.00, while resistance is seen at the level of $17.00 followed by $17.50, $18.50, and higher respectively. A higher low is expected to be formed around the current support level. The metal is preparing for an extended rally towards the levels of $19.00 and $21.00.

    Trading recommendations:

    Remain long, stop below $14.00, target is open.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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