empty
 
 
05.06.2015 07:47 AM
Technical analysis of Silver for June 05, 2015

This image is no longer relevant

Trading outlook and chart setups:

Silver has dropped lower and tested the level of $16.10 now, remaining just shy of $16.00 as seen here. Please note that the pair is stalling at a fibonacci 0.786 support of the rally between $15.60 and $17.70 respectively. Furthermore, the candlestick formation around $16.10 suggests a potential reversal from current levels as well. It is hence recommended to remain long with stop around the level of $15.60 now. Immediate support is seen at the level of $16.00 followed by $15.60/80, $15.30, and lower. Resistance is seen at $17.30/40 , followed by $18.40/50 and higher respectively.

Trading recommendations:

Remain long for now and look to add further, stop is at $15.60, a 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