Technical outlook and chart setups:
Silver is trading around the level of $14.07 looking for an opportunity to form a base around $13.90/95 before rallying further. The metal has broken out of the resistance trend line, but needs to find a clear way to the level of $14.60 before it can be confirmed that bulls are in control. At the moment, the metal is retracing lower expected to find support around $13.90 before bouncing off. It is hence recommended to remain flat and look for an opportunity to enter around the level of $13.90. Immediate support is seen at $13.90 (Fibonacci 0.618) followed by $13.80 and lower, while resistance is seen at $14.60 and higher.
Trading recommendations:
Look for an opportunity to buy around $13.90.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com