Technical Analysis of Silver for April 26, 2016
Technical outlook and chart setups:
Silver is seen to be drifting sideways since last 3 trading sessions, after having dropped from $17.70 levels last week. The metal is expected to drop lower towards at least $15.80 levels, before resuming its rally. Please note that the past resistance turned into support is also falling around the same region, depicted with an arrow here. Furthermore, the Fibonacci 0.618 support is also falling around $15.90 levels as seen here. Hence, probability remains high for a bullish bounce around $15.80/90 levels. It is recommended to remain flat for now and wait for prices to drop lower to initiate long positions again. Immediate support is seen at $16.50 levels while resistance is seen at $17.70 levels respectively.
Remain flat for now, wait for a drop lower around $15.80 levels to go long.
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