Buy Silver Target1 17 T2 17.20 STOP LOSS 16.50 (IF CLOSE BLOW )

FX:XAGUSD   Silver / U.S. Dollar
214 12 8
Technical outlook and chart setups:
Silver             tested lows around $16.50 yesterday again before pulling back sharply. The metal is trading around the level of $16.80 at the moment, trying to move higher towards fresh highs. Please note that the metal has bounced off its support trendline and also fibonacci 0.50 levels of the rally between $15.60 and $17.70. Immediate support is seen at $16.20 followed by $15.80, $15.30, and lower. Resistance is seen at $17.30 (interim) followed by $17.70, $18.40/50, and higher respectively.

Trading recommendations: Remain long, stop is at $16.20, a target is open. Good luck!

It's fallen from highs today can we add position here or liquidate?
Rupesh nimish_arora
Nimish, As define earlier All Given Targets are achieved.
For new fresh position wait for any new Trades.
Rupesh Rupesh
We need more confirmations. As you saw yestarday silver not stable in his new high and closes near to its open. Thats means is daily candlestic is dozi. So we need more clear direction of silver.
Thanks Rupesh, We can still maintain our longs with stop loss around $16.2 like you mentioned? I am not looking for a day trade my Target is to test around $18 mark by 20th of this month! Although yesterday it couldnt hold its gain due to the sudden rise in the Dollar index after better than expected ISLM Data, I feel today will be the day if we close around $17 mark may confirm the retest towards $18. Lets see I really liked your analysis.
Rupesh nimish_arora
Today can see lower high from yestaday highs. So Please Be safe.
If Silver not reach higher high then I will be bearish and with the trend.
Silver already tested Upper Channel.
Cheers! Even with a weak Dollar index its failing to move up doesnt look good.
Awesome job ;-)
Rupesh timwest
Thanks you sir
"Resistance is seen at $17.30 (interim) followed by $17.70, $18.40/50, and higher respectively. " ... Well, there are some upside targets still on the table :-)
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