Technical Analysis of Silver for May 24, 2016

Technical Analysis of Silver for May 24, 2016

24 May 2016, 12:56
Roberto Jacobs
0
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Technical Analysis of Silver for May 24, 2016


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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.

Trading recommendations:

Remain long from $16.00 level, stop at $15.50, a target is open.

Good luck!

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