21.03.201608:18 Forex Analysis & Reviews: Technical analysis of Silver for March 21, 2016

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Technical outlook and chart setups:

Silver rallied to fresh highs at $16.13 levels on Friday before dropping lower. The metal is seen to be trading at $15.70/75 levels for now, might be looking to hit another high around $16.30/40 levels, before reversing. It is recommended to remain flat for now, and watch out for a bearish confirmation around $16.30/35 levels before committing to short positions again. Immediate resistance is seen at $16.35 levels for now, while support is at $15.20 levels respectively. A push below $15.20 levels would confirm that a meaningful top is in place. Until then, there is still room for a push higher.

Trading recommendations:

Remain flat for now, looking to go short again.

Good luck!

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