Technical Analysis of Silver for March 17, 2016
Technical outlook and chart setups:
Silver pulled back towards $15.60/65 levels yesterday before reversing lower. The metal has held resistance at $15.80/90 levels as expected and should be looking to drop lower into $14.50 levels at least, before resuming the rally. There is a slight correction in the wave structure here. The metal might be unfolding as a double zigzag correction, instead of a flat. In any case, the direction from here should be lower towards $14.50 levels at least. It is hence recommended to again remain short, with risk above $15.80 levels. Immediate support is seen at $15.00 levels, while resistance is at $15.80/90 levels respectively.
Trading recommendations:
Remain short, stop at $15.90, target is $14.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
