Technical outlook and chart setups:
Silver dropped to the levels of $14.90/95. It is expected to be supported around $14.80. Please note that the levels of $14.75/80 acted as resistance which turned support. Furthermore, a fibonacci 0.382 support is passing through the same level. It is hence recommended to turn bullish now with risk at the level of $14.25. Immediate support is seen at $14.25 followed by $14.00, $13.00, and lower, while resistance is seen at $15.60 followed by $16.50, $17.50, and higher.
Trading recommendations:
Initiate long positions now, stop is at $14.25, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com