Technical outlook and chart setups:
Silver is also testing its recent lows at $16.00 levels before resuming its rally towards $19.00 and $21.00 levels respectively. The metal is also holding the fibonacci 0.618 support of the rally between $14.75 and $18.50 levels for now. Bulls should be poised to remain in control till prices stay above $15.50 levels. Hence, it is recommended to remain long with risk at $15.50 levels. Immediate support is seen at $16.00 levels (interim), followed by $15.50 and lower while resistance is seen at $17.40/50 levels, followed by $18.40/50 and higher respectively.
Trading recommendations:
Remain long for now, stop at $15.50, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for March 06, 2015 . Thanks for your support.
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