Technical outlook and chart setups:
Silver is seen to be trading around the levels of $14.75/77 at the moment, after having touched $14.90 yesterday. The metal is still expected to push higher through the levels of $15.00 and $15.30 respectively. Please note that the metal has pushed through the trend-line resistance (interim), and its 50-day moving average for now. It is recommended to hold long positions with risk at the level of $14.25 . Immediate support is seen at $14.40/50 followed by $14.00, $13.00, and lower while resistance is seen at $15.00 followed by $15.30 (fibonacci), $15.90/$16.00, and higher.
Trading recommendations:
Remain long for now, stop is at $14.25, a target $15.30
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com