Silver and gold weekly outlook

Looking at the weekly chart, it seems we have recovered just above support level from trendline. We also have a potential double bottom. A retracement seems in order judging by these technicals alone.

Now moving over to the daily chart with 400 DMA and fibonacci levels thrown in, we can estimate resistance levels. 16.8 is a fib level as is 17.3. We also have to deal with the 17.0x 400 DMA resistance level. 

Personally with my position, i will be looking to take profit at 16.8, then 17 then the rest at 17.3 where i will be completely out of silver.

Levels to watch for Monday:

Trend is still very fragile. If uptrend breaks its likely over for now. So i would set my SL TIGHT @16.25.

But for the targets we have, its very a good risk/reward ratio.

CLIFFS:

Entry:  above @current pricelevel (about 16.4$)

Alternative: Wait for downtrend ( about 16.55 to break)

TP: 1/3 @ 16.8, 1/3 @17.00 and finally 1/3 17.3.

SL: 16.3

Enjoy your Sunday and dont remember to adjust stops during the week if we dont get stopped out.

Cheers

/Flemming