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FX.co ★ Analysis of SIlver for May 16, 2018

Analysis of SIlver for May 16, 2018

Analysis of SIlver for May 16, 2018

Recently, Silver has been trading downwards. The price tested the level of $16.15. Anyway, I found the bearish flag in progress, which is ф sign that buying looks risky. I also found a broken upward trendline in the background, which is another sign of weakness. My advice is to watch for a potential breakout of the bearish flag to confirm further downward continuation. The downward target is set at the price of $16.02.

Resistance levels:

R1: $16.49

R2: $16.71

R3: $16.85

Support levels:

S1: $16.13

S2: $15.99

S3: $15.77

Trading recommendations for today: watch for potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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