Technical outlook and chart setups:
Silver is seen to be trading above the $15.50 level for now and holding the fibonacci 0.786 support. Bulls are expected to regain control soon, untill prices stay above the $14.60/70 levels lows as seen here. It is recommended to remain long from fresh positions taken yesterday with risk at the lenel of $14.25. Immediate support is seen at the $14.50 level while resistance is seen at the $17.00 level, followed by $17.40/50, $18.40.50, and higher respectively. A push through the $17.00 level is still required to confirm that a higher low is in place for the metal.
Remain long, stop at $14.25/30, target is open.
The material has been provided by InstaForex Company – www.instaforex.com