Technical Analysis of Silver for March 22, 2016
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.
Initiate shorts at $15.95, stop $16.25, target is $15.40 and $15.00.
The material has been provided by InstaForex Company - www.instaforex.com