FxWirePro: Silver Faces Strong Resistance at $17.75, Good to Buy at Dips

FxWirePro: Silver Faces Strong Resistance at $17.75, Good to Buy at Dips

• Major resistance- $17.75 (May 15th 2015) 
• Silver has made a high of $17.67 and slightly declined from that level .it is currently trading around $17.23. 
• Short term trend is bullish as long as support $16.85 (Daily Tenken-Sen) holds. On the lower side any violation below $16.85 will drag the commodity down till $16.50/$16.20/$15.85. 
• The commodity has formed temporary top around $17.67 and started to consolidate around the $16.78-$17.40. 
• Any break above major resistance around $17.75 will take the commodity to next level till $18.45/$19.

It is good to buy at dips around $17.20 with SL around $16.85 for the TP of $18/$18.45.

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