empty
 
 
09.03.2015 08:47 AM
Technical analysis of Silver for March 09, 2015
This image is no longer relevant

Technical outlook and chart setups:

Silver dropped lower into $15.75 levels last Friday, breaking interim support at $16.00. The metal has been holding major support at $15.50 levels for now, which is encouraging for bulls. It is still recommended to remain long with risk at $15.50 levels. Please note that prices are stalling within the fibonacci 0.618 support of the rally between sub $14.00 levels and $18.50 respectively. A bullish bounce here could still keep the upswing intact and look higher towards $20.00/21.00 levels at the coming sessions. Immediate support is at $15.50, followed by sub $14.00 levels while resistance is seen at $16.90, followed by $17.50, $18.50, and higher respectively.

Trading recommendations:

Remain long for now, stop at $15.50, target is open.

Good luck!


Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback