Technical outlook and chart setups:
Silver is seen to be trading around $16.40 levels for now, at the lower end of a very tight trading range. The metal could drop to $16.20 levels if $16.35 breaks down, and then resume its rally. Bulls are looking to remain in control, till prices stay above $15.80 levels. It is recommended to remain long for now, risk is around $15.30 levels. Immediate support is seen at $15.80/60 levels, followed by $15.30 and lower while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively.Only a drop below $15.60 would delay matters.
Trading recommendations:
Remain long, stop at $15.30, a target is open.
Good luck!
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for May 07, 2015 . Thanks for your support.
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