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    Technical analysis of Silver for April 02, 2015


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    Technical outlook and chart setups:

    Silver is trading at the levels of $16.83 for now and could be preparing to drop lower from here before rallying further. It is recommended to initiate short positions at the current levels ($16.80/85) with risk at $17.40. The metal had bounced earlier from the levels of $16.45 and pushed higher through $17.09 yesterday. The current chart setup favors bears to take control and push prices lower to the levels of $16.00 before rally could resume. Please note that the metal could be just in a counter trend towards the levels of $16.00. 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.

    Trading recommendations:

    Initiate short positions now. Stop is at $17.40, target is $16.10.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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