InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Technical analysis of Silver for March 04, 2016 2016-03-04


    Show full picture

    Technical outlook and chart setups:

    Silver has inched higher to $15.36 levels after having bounced off $14.60 levels earlier. The metal has remained shy, just a few cents, to hit fibonacci 0.618 support at $14.50/56, as seen here. Also the metal has remained in the buy zone of its trend line support. Bulls might be attempting to take out resistance at $15.60 levels, if they manage to get past the resistance trend line, which is being tested for now. A failure here, would bring back bears into control and prices should drop lower below $14.60 levels, going forward. It is hence recommended to watch out for a bearish reaction here, to go short, with risk above $15.60 levels. Immediate resistance is at $15.60 levels and support is seen at $14.80 levels respectively.

    Trading recommendations:

    Initiate short positions on a bearish bounce now, stop at $15.75, a target is below $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