Technical outlook and chart setups:
Silver is seen to be trading at $15.40 levels for now, looking to resume moving lower either from here or from $15.50/60 levels. Also note that $15.60 levels is fibonacci 0.618 resistance of the drop from $16.13 through $14.80 levels respectively. Please also note that the metal is testing $15.45 levels, which is the 50% retracement. A bearish reversal here would resume its intermediary downtrend towards $14.50 levels. It is recommended to remain short from here and also around $15.60 levels, with risk at $16.00 levels. Immediate support is seen at $15.10 levels, while resistance is at $16.00/13 levels respectively. Bears are expected to regain control from here or $15.60 levels hence selling through rallies remains safe.
Trading recommendations:
Remain short from here and around $15.60 levels, stop at $16.00, target is $14.50 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com