For Traders

Analytical Reviews

Technical analysis

29.04.201608:30 Forex Analysis & Reviews: Technical analysis of Silver for April 29, 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 finally taken out major resistance at $17.75/77 levels today. The metal printed a high at $17.80/82 levels before pulling back and should be looking to drop lower from here on. It seems that the metal has carved out a major top at $17.80/82 levels today and that the metal should produce a meaningful retracement going forward. Please note that the fibonacci 0.618 support of the recent rally from $14.60 levels is passing through $15.90 levels (past resistance turned support). The metal could probably form its next major base around $15.80/90 levels before resuming the rally. It is hence recommended to remain short for now, with risk above $17.82 levels. Immediate resistance is at $17.80 levels, while support is seen at $16.80 levels respectively.

Trading recommendations:

Remain short now, stop above $17.82, target is open.

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.