Technical outlook and chart setups:
Silver sharply rallied through the levels of $14.60 from lows at $13.80 last week. The metal is still headed towards at least $14.80 if not higher, before pulling back lower again. Please also note that the level of $14.80 is the Fibonacci 0.382 resistance for a drop from $16.35 to $13.80. It is recommended to take profits on long positions now and wait for a reaction at $14.80 before moving further. Immediate support is seen at $14.40, while resistance is seen at $14.80/$15.00.
Trading recommendations:
Take profits on long positions and remain flat now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com