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Technical analysis of Silver for March 24, 2015

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Technical outlook and chart setups:

Silver has been already pushed higher than the initial resistance and made another spike at the level of $17.10 before pulling back. A pullback could be due towards $16.00 at least before the rally could resume. It is recommended to take profits from long positions taken earlier and remain flat before initiating long positions again. Immediate support is seen at $16.60 , followed by $15.80 and $15.25 while resistance is seen at $17.45, followed by $17.75 and higher respectively. Bears might want to take control for a while now and produce a meaningful retracement before giving it up.

Trading recommendations:

Take profits from earlier long positions and remain flat for now.

Good luck!

Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015

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