For Traders

Analytical Reviews

Technical analysis

09.02.201609:36 Forex Analysis & Reviews: Technical analysis of Silver for February 09, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

Silver has pushed higher through the intermediary trend-line resistance around the level of $15.45 as seen on the chart. The metal is trading at $15.35 now looking for an opportunity to drop lower towards the major downtrend. Please also note that the Fibonacci 0.618 resistance of the drop between $16.35 and $13.60 is also passing through the same levels. A bearish reaction is expected here for a continued drop towards fresh swing lows. On the flip side, a push above the level of $16.35 would confirm that the metal is reversing its trend. It is recommended to remain flat and watch for a reaction at current levels. Immediate support is seen at $14.90, while resistance is seen at $16.35.

Trading recommendations:

Remain flat now looking for an opportunity to go short again on a bearish reaction.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.