Technical outlook and chart setups:
Silver rallied through the level of $14.95 today before pulling back lower again.. Please note that levels of $15.00/10 are fibonacci 0.618 resistance as depicted here and a bearish reaction is expected. Bears are likely to remain in control of untill prices stay below $15.60. It is recommended to remain flat for now and trying to go short again around $15.00/10. Immediate support is seen at $14.00 followed by $13.00, $12.00, and lower while resistance is seen at $15.60 followed by $16.40/50 and higher.
Remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com