Technical outlook and chart setups:
Silver has formed yet another low today at $15.00 levels before raising back into $15.40 levels. The metal seems to be preparing for at least a pullback/retracement if not a reversal from here on. Support is seen a $14.50 levels and lower while resistance is seen at $17.50, followed by $17.80/18.00 and higher respectively. Today's candlestick signal could be a hammer, indicating a possible reversal ahead. The metal could initially face resistance into the mid $16.00 levels. Only a push through $17.50 and subsequently $17.80 levels would confirm that silver is out of woods, and that the rally could extend further.
Trading recommendations:
Remain flat for now. Aggressive trade setup can be used for long positions, stop at $14.70, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
