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

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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!

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