Technical Analysis of Silver for May 10, 2016
Technical outlook and chart setups:
Silver had dropped through $16.88 levels yesterday, before pulling back. The metal is seen to be trading at $17.10 levels at this moment, looking to rally further towards $18.00 and $18.40/50 levels. Please note that $16.80 is fibonacci 0.382 support level of the rally between $14.70 and $18.00 levels respectively, and the metal can drop towards $16.80 levels before rally further. It is hence recommended to initiate 50% long positions now and remain at $16.80 levels, if prices reach there, with risk at $16.50 levels respectively. Immediate support is seen at $16.80 levels, while resistance is at $17.60 levels respectively.
Remain long now, add further at $16.80 levels, stop at $16.50, a target is open.