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    Technical analysis of Silver for April 01, 2015


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    Technical outlook and chart setups:

    Silver is trading at the level of $16.68 after bouncing off Fibonacci 0.382 support earlier. The metal could resume rally from the current levels or after a drop lower towards the level of $16.00. It is recommended to initiate long positions between $16.40/$16.00 with risk at $15.00 respectively. There is a high probability of a drop into $16.00 before the rally resumes. Immediate support is seen at $15.80 followed by $15.30 and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively. Bulls are expected to remain in control untill prices stay above the level of $15.00.

    Trading recommendations:

    Remain flat for now and look to buy at lower levels.

    Good luck!


    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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