10.02.201607:57 Forex Analysis & Reviews: Technical analysis of Silver for February 10, 2016

Long-term review

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Technical outlook and chart setups:

Silver is trading around the level of $15.21 now, after reaching highs at $15.45 earlier. Please note that the metal has bounced off the resistance trend line and also Fibonacci 0.618 ratio of a drop from $16.35 through $13.60 respectively. Besides, yesterday's candlestick pattern looks like "Harami", which indicates potential reversal. It is hence recommended to initiate short positions now with risk at $15.70. Immediate interim resistance is seen at $15.45, while support is seen at $14.65. Bears are expected to remain in control until prices stay broadly below $16.35.

Trading recommendations:

Remain short now with stop at $15.70, a target is open.

Good luck!

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