InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Technical analysis of Silver for February 23, 2016 2016-02-23


    Show full picture

    Technical outlook and chart setups:

    Silver is trading at the levels of $15.22/25 at the moment, after hitting intraday highs of $15.30. The metal seems to be poised to push prices lower towards $14.80 and $14.60. The metal is trading ahead of its big brother gold by hitting fresh swing lows yesterday at $14.92. Furthermore, the dropping trend-line resistance is also being followed, keeping the intermediary trend intact. It is hence recommended to hold short positions with risk at $15.50. Immediate resistance is seen at $15.50, while support is seen at the level $14.90 (interim). Only a breakout above $15.50 should disturb the existing bearish setup.

    Trading recommendations:

    Remain short with stop at $15.50, a target is at $14.60.

    Good luck!


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree