Technical Analysis of Silver for April 12, 2016

Technical Analysis of Silver for April 12, 2016

12 April 2016, 09:03
Roberto Jacobs
0
8

Technical Analysis of Silver for April 12, 2016


xagusd12042016.jpg


Technical outlook and chart setups:

Silver rallied through $16.00 levels yesterday before hitting fibonacci 0.786 resistance of the drop from $16.13 through $14.80 levels, and pulling back. The metal is trading at $15.80/85 levels for now and should be looking to drift lower till prices stay below $16.13 levels from here on. Please note that the metal has also produced a tweezer top candlestick pattern after hitting $16.00 levels yesterday. It indicates a potential drop lower from current levels. Hence the recommendation is to remain short for now, with risk at $16.25 levels. Immediate resistance is seen at $16.13 levels, while support is lower at $15.10 levels. Bears would remain in control till prices stay below $16.13 levels.

Trading recommendations:

Remain short now, stop at $16.25 levels, target is open.

Good luck!


The material has been provided by InstaForex Company - www.instaforex.com


Share it with friends: