Technical analysis of Silver for October 21 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is also seen to be stalling at fibonacci 0.50 resistance around $16.00/10 as discussed earlier. The metal is trading around the level of $15.80 looking for an opportunity to correct further lower before turning bullish again. As we can see here, a resistance trend line was broken and a drop to $15.00 could provide interim support. It is hence recommended to remain flat and watch for further bullish evidence. Immediate support is seen at $15.50 followed by $15.00 and lower while resistance is seen at $16.40/50 followed by $17.50/60 and higher.

Trading recommendations:

Remain flat for now.

Good luck!

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