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Technical analysis of Silver for June 15, 2015

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Technical outlook and chart setups:

Silver is seen to be trading around $15.96 levels for now and has been holding $15.90/$16.00 levels for a while now. Please also note that the metal has been testing its support trend line passing through the same levels as fibonacci 0.786, around $16.00. Bulls should be poised to remain in control till prices stay above $15.80 levels at least. It is therefore recommended to remain long for now with risk around $15.30 levels. Immediate support is seen at $15.60 levels followed by $15.30 and lower while resistance is seen at $16.20 levels, followed by $17.20 and higher respectively.

Trading recommendations:

Remain long for now, stop at $15.30, a target is open.

Good luck!

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