FX.co ★ Technical analysis of Silver for August 11, 2015

Technical outlook and chart setups:

Silver has pushed higher through $15.30 levels, our minimum expectations, as seen here. Please also note that the metal is trading/stalling at the fibonacci 0.618 resistance (drop between $15.90 and $14.40 levels) and also the immediate trend line resistance. It is hence recommended to book profits on long positions taken earlier and remain flat for now. Immediate resistance is seen at $15.90 levels, followed by $16.40 and higher, while support is seen at $14.80 levels, followed by $14.40/50 and lower respectively.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!