Silver Technical Analysis for September 15, 2016.

Technical outlook and chart setups:

Silver is drifting sideways into
cone consolidation structure as depicted on the 4H chart view here. The metal
is seen to be trading at $18.94 levels at this moment, looking to break above
the consolidation resistance line. Please note that Silver had bounced off the
fibonacci 0.786 support of the rally between $18.40 and $20.10/20 levels
earlier, and is expected to remain supported above $18.70 levels for now. The
wave structure indicates that the drop from $20.10 levels is still corrective
in nature and that bulls could regain control from here. Only a consistent drop
below $18.30 levels would confirm that Silver is heading towards a deeper
correction. It is hence recommended to remain long for now, with risk below
$18.30 levels. Immediate resistance is seen at $19.70 levels, while support is
at $18.30 levels respectively.

Trading recommendations:

Remain long now, stop at $18.00,
target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com