Technical outlook and chart setups:
Silver bounced off the $15.50 mark earlier and retested the same level again on December 22, before bouncing back. Please note that the metal has remained broadly between $15.50 and $16.20 levels. Immediate support is seen at $15.50 (interim), followed by $14.50 and lower, while resistance is seen at $16.20, followed by $17.25, $17.40/50, $17.80/18.00 and higher respectively. As depicted here, the metal might be forming a right shoulder of a potential inverted head and shoulder reversal around $15.50 levels. Bulls should remain in control, untill prices remain comfortably above $14.50 for now.
Remain long, stop at $14.50, target is open.
The material has been provided by InstaForex Company – www.instaforex.com