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    Technical analysis of Silver for March 16, 2016 2016-03-16


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    Technical outlook and chart setups:

    Silver is trading lower at $15.24 levels as expected, looking to drop further towards $14.80 and $14.50 levels respectively. The structure remains unchanged for now with the metal unfolding as a flat correction, which could terminate below $14.60 levels. Please note that the metal can also drift sideways for now before dropping lower. Also note that a push below $15.00/10 levels is required to accelerate lower. It is recommended to remain short for now, with risk at $15.90 levels. Immediate resistance is seen at $15.80 levels, while support is at $15.00 levels respectively. Bears are expected to remain in control until prices stay below $15.80/90 levels going forward.

    Trading recommendations:

    Remain short for now, stop at $15.90, target is $14.50.

    Good luck!


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