Technical analysis of Silver for February 01, 2016. Market Analysis Review

Technical outlook and chart setups:

Silver is trading in the area around $14.35 now. We expect it to face interim Fibonacci resistance. The metal is expected to drop lower towards $14.00 before resuming its previous rally. On the flip side, a push through the levels of $14.50 on the higher side, would open doors to the levels of $15.00/20 as well. It is hence recommended to remain flat for now and look for an opportunity to buy at lower levels on a bullish bounce. Immediate resistance is seen at $14.50/60, while support is at $13.90. Bears are expected to remain in control till prices stay below $14.50 moving forward.

Technical outlook and chart setups:

Remain flat for now and look for an opportunity to buy lower.

Good luck!

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