Technical outlook and chart setups:
Silver droppeds to $15.75 levels in the early hours today before pulling back to $15.94/95 levels. The metal is producing a hammer on the daily chart view, which indicates a potential bottom. Yet, recommendations are to remain on sidelines and wait for a confirmation. Support is around $14.60 and lower, while resistance is seen at $17.80/$18.00, followed by $18.80 and higher respectively. Bears seem to be firmly in control till prices stay below $17.50 and subsequently $17.80. The larger time frame chart views indicate a potential bottom formation around $16.00 levels. It can be confirmed on a bullish reversal signal on the daily chart.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
