Short term trend- Bullish
Silver retreated after making high of 16.77 and overall trend is bullish as long as Support 15.65 holds and any short term trend reversal only below that level.
The Silver minor resistance is around $16.27 and any indicative break would extend gain to$16.80/17.48 (50% retracement of 19.89 to 15.05) in the short term.
Minor support is around 15.65 and any break will target $15.05/ $14.60 (100% projection of $19.89 to 16.67 from 17.81).
Indicators
Ichimoku (9, 26, 52, 26) - Buy
MACD (12.26.9) – Buy
Recommendation: Buy Silver around $16, SL $15.64, Target $16.77/17.25.
Silver retreated after making high of 16.77 and overall trend is bullish as long as Support 15.65 holds and any short term trend reversal only below that level.
The Silver minor resistance is around $16.27 and any indicative break would extend gain to$16.80/17.48 (50% retracement of 19.89 to 15.05) in the short term.
Minor support is around 15.65 and any break will target $15.05/ $14.60 (100% projection of $19.89 to 16.67 from 17.81).
Indicators
Ichimoku (9, 26, 52, 26) - Buy
MACD (12.26.9) – Buy
Recommendation: Buy Silver around $16, SL $15.64, Target $16.77/17.25.