Technical analysis of Silver for February 10, 2015
Technical outlook and chart setups:
Silver has rebound the Fibonacci 0.618 support levels at the levels of $16.50/60 in the last Friday. The metal is planning to resume its growing and get higher towards $18.90 and higher in the next sessions.
It is suggested to keep on ‘long’ and also to add additional positions at the current levels. The metal has rebound its trend line support (not shown today) too, which is fairly optimistic for bulls.
Approaching support is seen at the levels of $16.50 followed by $16.20, $15.50 and lower, at the same time as resistance is seen at $17.40/50 followed by $18.40/50, $18.90 and higher, respectively.
Remain long; stop is at $16.00, target is open.
Best of luck!