Technical outlook and chart setups:
Silver is seen to be trading around the $14.70 levels at the moment looking to push higher towards at least the $15.30/40 levels in the coming trading sessions. Please note that a Fibonacci convergence (resistance) is also seen around the $15.30 levels, as depicted here. It is hence recommended to initiate long positions with risk at the $14.25 levels for now. Immediate support is seen at the $14.40/50 levels (interim) followed by $14.25, $13.00 and lower, while resistance is seen at the $15.50 levels followed by $15.80/16.00 and higher respectively.
Initiate long positions. Stop is at $14.25, target is open.
The material has been provided by InstaForex Company – www.instaforex.com