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    Technical analysis of Silver for June 13, 2016


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    Technical outlook and chart setups:

    Silver is seen to be trading at $17.25 levels at this moment, attempting to re-test its highs at $17.36 levels earlier before reversing. Please note that the metal is seen to have stalled at fibonacci 0.618 resistance levels of the drop between $18.00 through $15.80 levels. Furthermore, it has produced an engulfing bearish candlestick pattern on the 4H chart as depicted here. The high probability remains for a drop lower from current levels towards fresh lows below $15.80. Hence it is recommended to remain short from here and also look to add, with risk above $18.00 levels. Bears are expected to remain in control as long as prices stay below $18.00 levels. Immediate resistance is seen at $18.00 levels, while support is at $17.00 levels respectively.

    Trading recommendations:

    Remain short from here and also add further shorts, stop above $18.00 levels, target remains open.

    Good luck!


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