Technical outlook and chart setups:
Silver has dropped lower into the $15.25 area, taking our stops out at $15.50 yesterday before puling back. Please note that the metal is still supported by fibonacci 0.786 around $15.46 as depicted here. It is still recommended to initiate fresh long positions with risk at $14.40. A bullish reversal here is likely to keep the overall structure intact and push prices higher towards $19.00 and $21.00 levels respectively. Immediate support is seen at $14.60/70 while resistance is seen at $17.00 levels followed by $17.40/50, $18.40/50 and higher respectively.
Trading recommendations:
Initiate fresh long positions, stop at $14.40, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
