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29.09.2015 03:56 PM
Technical analysis of Silver for September 29, 2015

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Technical outlook and chart setups:

Silver has bounced off exactly from the expected levels around $14.50 today. Please note that the metal found support at the confluences of trend line and fibonacci levels around $14.50. Furthermore, an engulfing bullish pattern was formed on the H4 chart indicating reversal. The metal should be targeting at the level of $1640.50. It is hence recommended to remain long now with risk at $14.00. Immediate support is seen at $14.25 followed by $14.00 and lower, while resistance is seen at $15.60 followed by $16.40/50 and higher.

Trading recommendations:

Remain long with stop at $14.00, a target is at $16.40/50 and higher.

Good luck!

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