Technical outlook and chart setups:
Silver is seen to be consolidating after hitting lows at $15.10/13 levels last week. The metal should be looking to produce a corrective rally through $15.45 levels from here before reversing again. As depicted on the short term chart here, the metal should face resistance at the fibonacci 0.382 levels of the drop between $16.00 through $15.10 levels. Also note that the metal should be poised to resume heading lower towards $14.50/60 levels at least before completing its corrective drop that begun from $16.13 levels earlier. It is hence recommended to hold short positions and also look to add further at $15.45/50 levels, with risk at $15.75 levels. Immediate resistance is seen at $15.45/50 levels, while support is at $15.00/10 levels respectively.
Trading recommendations:
Remain short for now, stop at $15.75, target is $14.50/60.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com