Technical outlook and chart setups:
Silver dropped lower to $15.12 during today's early trading hours before pulling back. Please also note that metal is bouncing off Fibonacci 0.382 support of a rally between $14.00 and $15.90. The metal dropped in 5 waves from $15.90 through $15.12, as seen here. A corrective rally is expected to unfold in 3 waves towards $15.60/70 at least. It is hence recommended to go long now with risk just below $15.10 targeting at $15.60. Immediate interim support is seen at $15.12, while resistance is found at $15.90. Please note that an up gartley is expected to unfold now.
Trading recommendations:
Remain long now with stop below $15.10, a target is at $15.60. Look for an opportunity to reverse.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com