Technical outlook and chart setups:
Silver has converged towards $15.00/10 levels as expected and discussed earlier as seen on the daily chart setups depicted here. Please note that the metal is trading at a strong fibonacci convergence around current levels, and a bullish reversal here, would be extremely encouraging. On the flip side, a drop below the trend line support towards $14.40 levels would delay matters. It is recommended to remain long for now with risk just below $14.40 levels. Immediate support is seen at $14.40 levels and lower, while resistance is seen at $16.30/50 levels and higher respectively. Bullish setup is favored till prices are above $14.40 levels.
Trading recommendations:
Remain long for now, stop at $14.40, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com