Technical outlook and chart setups:
Silver has just broken below the $14.00 levels by a few cents today, touching Stop Outs. The metal maybe looking to pull back towards at least the $14.85 levels before printing fresh lows. It is quite clear that silver is looking to print lower lows, and hence selling on rallies could be a recommended trade strategy. Immediate major resistance is seen at the $16.40 levels and as long as prices stay below it, bears are expected to remain in control. The short-term resistance is seen at the $14.40 levels for now and a break above would indicate that the metal has formed an interim low around the $13.90 levels and a counter-trend rally could materialize.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com