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    Technical analysis of Silver for April 06, 2015

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    Technical outlook and chart setups:

    Silver has been pushed through $17.20, just shy of $17.40 as seen here. The metal is forming a bearish engulfing candlestick pattern for now and is likely to be preparing to push lower towards the level of $16.00 soon. It is recommended to remain short for now with risk around $17.40/50. Bears should regain control untill prices remain below $17.40. Immediate support is seen at the level of $16.50 (interim) followed by $15.80, $15.30, and lower while resistance is seen at $17.40/50 followed by $17.80, $18.40/50, and higher respectively.

    Trading recommendations:

    Remain short, stop at $17.40/50, target at $16.00.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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