Technical outlook and chart setups:
Silver has formed yet another low today at $15.00 levels before raising back into $15.40 levels. The metal seems to be preparing for at least a pullback/retracement if not a reversal from here on. Support is seen a $14.50 levels and lower while resistance is seen at $17.50, followed by $17.80/18.00 and higher respectively. Today’s candlestick signal could be a hammer, indicating a possible reversal ahead. The metal could initially face resistance into the mid $16.00 levels. Only a push through $17.50 and subsequently $17.80 levels would confirm that Silver is out of woods, and that the rally could extend further.
Remain flat for now. Aggressive trade setup would be to initiate long positions, stop at $14.70, target is open.
The material has been provided by InstaForex Company – www.instaforex.com