Technical outlook and chart setups:
Silver has been holding the fibonacci 0.786 support level well around $15.30/50 over a few sessions now. The metal should be poised to resume its uptrend untill the price stays above $14.00. It is hence recommended to remain long and also look to add further ahead of the level of $14.00, with risk below $14.00 for now. Immediate support is seen at $14.00, while resistance is seen at the level of $17.00 followed by $17.50, $18.50, and higher respectively. A higher low is expected to be formed around the current support level. The metal is preparing for an extended rally towards the levels of $19.00 and $21.00.
Remain long, stop below $14.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com