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Analysis of SIlver for May 16, 2018

Posted On 16 May 2018
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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 material has been provided by InstaForex Company – www.instaforex.com

Source:: Analysis of SIlver for May 16, 2018

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