FX.co ★ Technical analysis of Silver for August 17, 2015

Technical outlook and chart setups:

Silver is seen to be trading around $15.25 levels, after having pulled lower from $15.60 levels earlier. Please note that the metal has reversed from fibonacci 0.786 resistance levels, of the drop between $15.90 and $14.40 levels respectively. Bears are expected to take back control till prices stay below $15.90 levels from here. It is recommended to remain flat for now and watch for a reaction around $15.00 levels. Immediate support is seen at $15.00 levels, followed by $14.60, $14.40 and lower while resistance is seen at $15.90 levels, followed by $16.40 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!