Technical outlook and chart setups:
Silver has dropped below the level of $17.00 as we discussed and expected earlier. The metal could still be unfolding its counter trend correction and push lower towards $16.00 before resuming rally. It is recommended to remain short with risk at the levels $17.50/60. A drop below $16.60 from here is likely to confirm the same. Immediate support is seen at $16.50/60 followed by $15.80 and lower, while resistance is seen at $17.40/50 followed by $17.80/85 and higher respectively. Bears are expected to remain in control untill prices stay below $17.40/50.
Trading recommendations:
Remain short, stop at $17.50/60, target $16.00.
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 April 07, 2015 . Thanks for your support.
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