22.05.201508:02 Forex Analysis & Reviews: Technical analysis of Silver for May 22, 2015

Long-term review

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Technical outlook and chart setups:

Silver has bounced off the fibonacci 0.382 support around $16.90 earlier and is seen to be trading at $17.20 at the moment. The metal is poised to stage a rally through at least $17.50/60 before reversing lower. It could complete at the level $16.40/50 before resuming its rally. It is recommended to remain long for now with risk at $16.80. Immediate support is seen at $16.90 (interim) followed by $ 16.20, $15.80, and lower. Resistance is seen at $17.70 followed by $18.40/50 and higher respectively.

Trading recommendations:

Remain long for now, stop at $16.80, a target $17.50/60.

Good luck!

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