Technical outlook and chart setups:
Silver hourly chart shows that the metal has been dropping to lower lows and lower highs from the levels of $16.30/40. Yesterdays' lows at $14.20 remained just shy of support at $14.00, and can be considered a test now. A breakout below $14.00 could push the metal lower, but a rally from current levels and a breakout above $14.50/60, would bring bulls back in control. It is recommended to hold long positions with risk at $14.00 and refrain from adding fresh orders. Immediate support is seen at the level $14.00, while resistance is seen at $14.50/60 and higher respectively. A potential rally remains possible, but the metal needs to clear the way the the level of $14.50.
Trading recommendations:
Remain long with stop at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com