Technical outlook and chart setups:
Silver is trading around $13.86 now and is expected to face resistance at $14.00, which is Fibonacci 0.382 retracement of the recent drop from $14.60 to $13.64. The metal needs to break above $14.60 to relieve itself from the bearish pressure. Until then, bears are expected to remain in control and print lower lows and lower highs. It is hence recommended to remain flat. Immediate support is seen at $13.60 followed by $13.00 and lower, while resistance is seen at $14.00 followed by $14.60 and higher.
Trading recommendations:
Remain flat now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com