Technical outlook and chart setups:
Silver has rallied towards the level of $14.55 levels for now producing a bullish morning star candlestick pattern on the daily chart view. Please note that $15.00 remain initial resistance and the pair needs to take out to at least $15.60 in order to confirm a trend change. It is hence recommended to remain short with risk at $15.50/60. Immediate support is seen at the levels of $14.00 followed by $13.00, $12.00, and lower while resistance is seen at $15.60 followed by $16.40 and higher. The metal would confirm that bulls are in control after breaking $15.60.
Trading recommendations:
Remain short for now with stop at $15.00, a target is open.
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 September 16, 2015 . Thanks for your support.
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