Analysis of Silver for May 09, 2018

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Recently, silver has been trading sideways at the price of 16.38. According to the H1 time frame, I found that the price is trading inside of the potential bullish flag, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. The breakout of the bullish flag may confirm further bullish continuaiton, so watch for potential breakout. If you want to trade inside the flag, watch for potential upward target at 16.48 (resistance).

Resistance levels:

R1: 18.57

R2: 16.64

R3: 16.76

Support levels:

S1: 16.34

S2: 16.22

S3: 16.14

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com