Technical Analysis of Silver for May 11, 2016
Silver is trading at $17.50 levels at this moment after bouncing off $16.88 levels yesterday. The metal might be looking to retrace lower towards $17.00 levels from here, before resuming rally. Please note that, possibility still remains for a drop to $16.70/80 levels since the fibonacci 0.382 support is also around those levels as depicted here. It is recommended to book profits if long positions were taken yesterday and remain flat for now. Bears are expected to gain control for short term but support is expected to come in through $16.70/80 levels. Immediate support is seen at $16.80 levels, while resistance is at $17.60 levels respectively.
Remain flat for now, look to buy at lower levels ($16.80-$17.00).