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    Technical analysis of Silver for February 25, 2016 2016-02-25

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    Technical outlook and chart setups:

    Silver is trading at $15.22/25 now after reversing from $15.55/57 yesterday. Please note that the metal completed its correction yesterday by hitting the Fibonacci 0.618 retracement levels of the drop from $15.90 to $14.90 earlier. The structure reveals that silver should be pushing lower towards $14.50/60 until prices remain below $15.55 going forward. Hence, it is recommended to remain short with risk above $15.60. Immediate resistance is seen at $15.55 (intermediary), while support is at $14.90. Look lower from here now.

    Trading recommendations:

    Remain short with stop at $15.60, a target is at $14.60.

    Good luck!

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