Technical outlook and chart setups:
Silver is trading around the $14.15 levels and has held on the lows at the $13.90 levels until now. Besides, the metal has formed a bullish morning star candlestick pattern on the daily chart, indicating a potential reversal. But for today, prices have remained stagnant around the $14.10/15 levels and a push above $14.40 would be required to accelerate further. It is recommended to remain long for now with risk at the $13.70 levels. Immediate support is seen at the $13.90 levels, while resistance is seen at the $14.45/50 levels and higher. Bulls should be poised to take control until prices remain above the $13.90 levels from here.
Trading recommendations:
Remain long for now, stop is at $13.70, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com