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    Technical analysis of Silver for May 29, 2015

     

     

     

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    Technical outlook and chart setups:

    Silver tested lows around $16.50 yesterday again before pulling back sharply. The metal is trading around the level of $16.80 at the moment, trying to move higher towards fresh highs. Please note that the metal has bounced off its support trendline and also fibonacci 0.50 levels of the rally between $15.60 and $17.70. Immediate support is seen at $16.20 followed by $15.80, $15.30, and lower. Resistance is seen at $17.30 (interim) followed by $17.70, $18.40/50, and higher respectively.

    Trading recommendations:

    Remain long, stop is at $16.20, a target is open.

    Good luck!


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