Technical outlook and chart setups:
An hourly chart view has been depicted here for Silver which is seen to be trading around 16.30.35 levels for now. The metal is drifting sideways in a cone fashion since Dec 02, 2014. A dip below $16.00 levels can be expected before the rally could resume. Minimum levels of expectations are $15.50/60 and $15.30 levels respectively. The price could go as low as $14.90 levels before bouncing back. Please note that the current structure might be that of an inverted head and shoulder, right shoulder being carved out now. The upside extensions are pointing towards $18.00 and $21.00 respectively. Immediate support is $15.50, followed by $15.30 and $14.90 while resistance is seen at $17.30/50, followed by $17.80/18.00 and higher up respectively.
Trading recommendations:
Buying on dips towards 15.30 and $14.90, stop at $14.20, the target is open.
The material has been provided by InstaForex Company - www.instaforex.com
