Technical outlook and chart setups:
The hourly chart view has been depicted here for short-term analysis. As seen here, Silver formed bottom at the level of $15.30 last week and rallied through the level of $15.70. Since then it has been drifting sideways between $15.45 and $15.65 levels. In this process the metal has also broken the resistance line and entered into the buying zone for now. A push through the $15.90 level from here on could indicate and confirm that a meaningful bottom is in place and bulls are back in control. It is recommended to remain long for now with risk at the level $14.25. Immediate support is seen at the level $15.30, followed by $14.50 while resistance is seen at the level of $15.90 respectively.
Remain long for now, stop at $14.25, target is open.
The material has been provided by InstaForex Company – www.instaforex.com