FX.co ★ Technical analysis of Silver for March 08 2016

Technical outlook and chart setups:

Silver is trading at $15.59 levels for now, looking to break below $15.50 to accelerate downside. Please note that the metal should remain in control of bears until prices stay below $15.93 levels. The corrective drop (3 waves), which originated from $15.93 levels earlier, is about to complete its last-leg drop towards $14.50 levels. The metal is expected to resume rally from $14.50 or $14.20 levels, which are Fibonacci 0.618 and 0.786 levels, respectively. It is hence recommended to remain short for now with risk above $15.93 levels. Immediate resistance is seen at $15.93 levels while support is at $15.40/50 levels.

Trading recommendations:

Remain short for now, stop above $15.93, target is towards $14.50.

Good luck!