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    Technical analysis of Silver for March 07, 2016 2016-03-07

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    Technical outlook and chart setups:

    Silver is trading at $15.60 levels at the moment, looking to continue dropping lower and test $14.60 levels as well. Please note that the metal could produce a deeper correction towards $14.20 levels as well, before resuming higher. The metal seems to have 2 legs of its corrective drop that began from $15.93 levels earlier. If bears manage to hold prices below $15.93 levels going forward, the metal should remain poised to drop lower towards $14.50 levels and complete A-B-C correction before resuming the rally. It is hence suggested to remain short now with risk above $15.93 levels, targeting below $14.60 levels. Immediate support is seen at $15.20 levels, while resistance is at $15.93 levels.

    Trading recommendations:

    Remain short now, stop above $15.93, target is open.

    Good luck!

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