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    Technical analysis of Silver for March 22, 2016 2016-03-22


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    Technical outlook and chart setups:

    Silver is seen to be trading around the same range since yesterday, $15.70/80 levels for now. The metal might have formed an interim high at $16.13 levels it seems and should be looking to push lower from here. Please note that fibonacci 0.618 resistance, of the drop between $16.13 through $15.70 levels, is seen around $15.95 levels. It is hence recommended to initiate short positions at $15.95 levels, with risk above $16.13 levels for now. Immediate resistance is seen at $16.13 levels, while support is at $15.70 levels respectively. Please note that the drop could extend towards $15.40 and $15.00 levels subsequently.

    Trading recommendations:

    Initiate shorts at $15.95, stop $16.25, target is $15.40 and $15.00.

    Good luck!


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