Technical outlook and chart setups:
Silver had rallied through $15.40 levels last week, threatening the bearish setup established earlier. The metal remained just shy from $15.60 and pulled back. It cpuld tocontinue dropping towards $14.75 before turning bullish again. It is hence recommended to exit short positions at $14.75 and turn bullish on a bounce there. Immediate support is seen at $14.25 followed by $14.00, $13.00, and lower while resistance is seen at $15.60 followed by $16.40, $17.50, and higher respectively. A break of $15.60 would be a confirmation for a potential reversal.
Trading recommendations:
Exit short positions at $14.75, stop is at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com