Technical outlook and chart setups:
Silver has bounced off from $14.80/90 levels as expected yesterday and managed to take off initial interim resistance at $15.40 levels for now. Please note that the metal has potential to push through $16.40 levels, and bulls could remain in control till prices stay above $14.70 levels. It is hence recommended to book partial profits and move risk to $14.70 levels for now. Immediate support is seen at $14.70 levels (interim), followed by $14.40/50 and lower, while resistance is seen at $15.50 levels (interim), followed by $15.90, $16.40 and higher respectively.
Trading recommendations:
Book partial profits, and move stop at $14.70 levels for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com