Technical outlook and chart setups:
Silver drops to the expected levels of $15.50/60 now, as discussed earlier. The metal should be bought at market price, $15.80/85 with risk below $14.50 levels. Immediate support is seen at $14,50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively. The metal might have just carved out a right shoulder of the potential inverted head and shoulder reversal into cards now. Bulls should remain in total control till prices stay above the $14.50 interim support now. Only a break below should be a concern.
Trading recommendations:
Initiate long positions now, stop below $14.50, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
