Technical Analysis of Silver for June 02, 2016
Technical outlook and chart setups:
Silver is seen to be trading at $15.97 levels for now after bouncing off $15.81 levels yesterday. The metal now seems to have formed an intermediary low at $15.81 levels and is looking to rally from here. Please note that the metal has bounced off the fibonacci support/convergence around $15.80/16.00 levels as depicted here. Also note that the past resistance turned support is also passing through the same region. A bullish turn around from here remains a high probability, and hence the recommendation is to remain long now, with risk below $15.50 levels. Immediate support is seen at $15.80 levels, while resistance is at $16.55 levels respectively.
Remain long, stop below $15.50 levels, target is open.