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Technical analysis of Silver for October 28 2015

Technical outlook and chart setups:

Silver is moving higher and is seen to be trading around the levels of $16.06. The metal, if trades above $16.10, could move through the levels of $16.50/60 before performing a meaningful correction. It is hence recommended to remain flat and watch for the metal to correct lower before placing long positions again. Immediate support is seen at $15.30 followed by $15.00, $14.40, and lower, while resistance is seen at $16.40/50 followed by $17.50 and higher.

Trading recommendations:

Stay flat.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com