FX.co ★ Silver analysis for March 02, 2017

Recently, Silver has been trading sideways at the price of 18.31. According to the 1H time frame, I found symmetrical triangle in creation. Since Silver is in upward trend, according to the daily time frame, my advice is to watch for potential buying opportunities and upward breakout of symmetrical triangle to confirm bullish continuation. Symmetrical triangles are usually continuous patterns. If the price breaks upward, target will be set at the price of 18.60.

Resistance levels:

R1: 18.45

R2: 18.50

R3: 18.60

Support levels:

S1: 18.30

S2: 18.25

S3: 18.17

Trading recommendations for today: watch for potential upward breakout of symmetrical triangle to confirm bullish continuation.