Silver is moving between 16.08 and 16.70 band for a while. Also this movement is close to its 50 days EMA with a low volatility. If gets below 16.08, the next support would be 15.50. If gets over 16.70 resistance, the next resistance level would be 17.30.
For the middle term as we look at daily chart, Silver had a reversal from upper level of its down trend and it continues to go down below its 30 and 50 days EMA. EMA levels are narrowing day by day and it is a signal of a speed movement in either way. We do not see much power to rise from this level this quick so, going short is a better idea till its bottom level of trend channel.
Also silver moves with GOLD in time, while GOLD is in down trend currently, Silver is also supporting with its trend.
But cos the market should continue to go back and forth in a very tight range, it is very difficult to trade right now, and as a result we are not interested in trading silver as it simply looks like a great way to lose money. With that being said, we will continue to monitor the summer markets, but recognize it as a very dangerous situation. With this analysis, until silver breaks its 30 and 50 days EMA with some volatility, trading on silver is not advised to anyone. But if any one still wants to trade, going short is better.
The support and resistance levels are shown below.
Pivot : 16.34
SUPORT : 16.19-16.09-15.93
RESISTANCE : 16.38-16.47-16.63
Always use stop loss in forex trading