Technical outlook and chart setups:
Silver has also produced a doji yesterday, indicating a potential reversal ahead. The metal bottomed at $15.75 levels before closing well above $16.00 levels. Presently trading at the $15.90/95 levels, the metal could see support coming in here. A push through $16.50 levels could confirm that a potential bottom is in place at $15.75 levels for now. Support is seen at $15.75 (interim), followed by $14.60, while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher up respectively. It is recommended to stay flat for now and watch out for a potential bullish reversal candlestick pattern on the daily chart.
Remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com