Technical Analysis of Silver for May 24, 2016
Technical outlook and chart setups:
Silver is also seen to be trading lower at $16.28 level at this moment, and it is expected to find support at $16.00 level. Please note that fibonacci 0.618 support is also at $16.00 level and a bullish turn from there remains high probability. It is hence recommended to initiate long positions around $16.00 level and also add further, with risk at $15.50 level. Immediate support is at $15.80 level, while resistance is seen at $16.70 level respectively. Bulls are expected to remain in control from $16.00 levels, going forward. Only a break below $14.80 level would be a concern for short-term bull run.
Remain long from $16.00 level, stop at $15.50, a target is open.