Technical outlook and chart setups:
Silver has retraced lower towards the fibonacci 0.618 support levels around $15.00/14 levels yesterday. The metal is trading around $15.05/10 levels at the moment, looking to resume a rally higher. Please note that a support trend line is passing through $14.80/90 levels as well, to provide enough support. It is hence recommended to remain long for now, with risk at $14.40 levels. Immediate support is seen through the $14.40 levels, followed by $14.00 levels and lower, while resistance is seen through $16.00 levels and higher respectively.
Remain long for now, stop at $14.40, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com