Technical outlook and chart setups:
Silver is stalling at the fibonacci 0.618 resistance levels (of the drop between $15.90 to $14.40 levels respectively), around the $15.30/40 levels as seen here. Also note that the metal is testing the immediate resistance line as well. It is recommended to stay flat for now and watch out for a drop towards $14.90/$15.00 levels before entering again. Immediate support is seen at $15.10 levels, followed by $14.90, $14.40/50 and lower, while resistance is seen at $15.90/$16.00 levels, followed by $16.30/40 and higher respectively.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for August 12, 2015 . Thanks for your support.
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