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30.03.201512:48 Forex Analysis & Reviews: Technical analysis of Silver for March 30, 2015

Long-term review

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Technical outlook and chart setups:

Silver continues to drop lower for now and should be supported around $16.00 levels which is fibonacci 0.618 of the entire rally from $15.30 to $17.40 levels respectively. Immediate support is seen at $16.68 levels followed by $15.80, $15.30, and lower while resistance is seen at $17.50/60 followed by $18.50/60 and higher respectively. The metal can push higher through the levels of $17.40/50 from here on before producing a meaningful retracement. Look for lower levels to initiate long positions again.

Trading recommendations:

Remain flat for now and look to buy lower again.

Good luck!

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