Technical outlook and chart setups:
Silver dropped to the level of $13.97 last week before pulling back above $14.50 again. The metal needs to reach the level of $15.50 to confirm that bulls are back in control. It is recommended to remain flat for now and watch for a reaction at current levels, before committing trades. Immediate support is seen at $13.00 followed by $12.50 and lower respectively, while resistance is seen at $15.00 (fibonacci), followed by $15.50, $16.40, and higher respectively. Bears are expected to hold control until prices will stay below $15.50.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com