Technical analysis of Silver for June 23, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trading above the level of $16.00 now, but needs to be pushed above $16.50 to accelerate. The metal has already bounced off the confluence of fibonacci 0.786 and trend-line supports. In is expected to rally further higher towards at least $17.20/30. A push above $16.50 would instill further confidence into the bullish setup and accelerate further. It is therefore recommended to remain long for now with risk around $15.30. Immediate support is seen at $15.80/90 (interim) followed by $15.60, $15.30, and lower, while resistance is seen at $17.20/30 (interim) followed by $17.70 and higher respectively.

Trading recommendations:

Remain long for now, stop is at $15.30 levels, a target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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