Technical outlook and chart setups:
Silver is trading at $15.22/25 now after reversing from $15.55/57 yesterday. Please note that the metal completed its correction yesterday by hitting the Fibonacci 0.618 retracement levels of the drop from $15.90 to $14.90 earlier. The structure reveals that silver should be pushing lower towards $14.50/60 until prices remain below $15.55 going forward. Hence, it is recommended to remain short with risk above $15.60. Immediate resistance is seen at $15.55 (intermediary), while support is at $14.90. Look lower from here now.
Trading recommendations:
Remain short with stop at $15.60, a target is at $14.60.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com