Technical Analysis of Silver for April 08, 2016
Technical outlook and chart setups:
Silver is seen to be trading around $15.17 levels for now, still looking to form a base at $14.50/60 levels before resuming the uptrend. Please note that $14.50 levels are also a convergence of fibonacci 0.618 and the back side of trend line support, and the metal is expected to bounce from there towards higher levels. It is hence recommended to remain flat for now and look to initiate fresh long positions at lower levels. Immediate support is seen through $14.50 levels while resistance is seen at $15.50/60 levels respectively. The wave structure indicates that Silver is still to be bought on dips going forward. On the flip side, a break above $15.55 levels would indicate that a bottom is formed around $14.80 levels already.
Remain flat for now, looking to buy at lower levels.
The material has been provided by InstaForex Company - www.instaforex.com