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24.02.201510:54 Forex Analysis & Reviews: Technical analysis of Silver for February 24, 2015.

Long-term review

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Technical outlook and chart setups:

Silver bounced back from $16.05/10 yesterday and rallied through the levels of $16.60. The metal is trading at the levels of $16.30 for now, it is likely to push higher towards $16.80. Please, note that the metal has taken support at the Fibonacci 0.786 levels of the rally between $15.50 and $18.50, producing an engulfing bullish candlestick pattern. High probability remains that the metal has found bottom at the levels of $16.05 and is expected to resume its uptrend. Immediate support is seen at the levels of $15.50, while resistance is seen at the levels of $16.80 followed by $17.40/50 and higher, respectively. It is highly recommended to remain long, with risk below $15.50.

Trading recommendations:

Remain long for now, stop at $15.50, target is open.

Good luck!

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