FX.co ★ Technical analysis of Silver for February 17, 2016

Technical outlook and chart setups:

Silver is trading at the level of $15.30 at this moment after hitting intraday lows near $15.14. The metal is likely to be poised for a rally towards $15.60/70 before reversing lower. Please note that the short-term hourly chart depicted above shows our immediate outlook. The chart reveals that immediate trend-line support has been broken, and an interim low is likely to be hit at $15.10/12. The metal could rally towards Fibonacci 0.618 resistance at $15.60 (depicted with arrow here). It is hence recommended to remain long with risk just around $15.00. Immediate interim support is found at $15.10/12, while resistance is seen at $15.80. Bulls are expected to remain in control in the short term before bears take it over.

Trading recommendations:

Long now, stop at $15.00, target is $15.60.

Good luck!