Technical outlook and chart setups:
Silver is seen to be testing $15.00 again together with the 50-day moving average resistance line. Please note that the trend line and fibonacci 0.618 resistance is also just around the levels of $15.00/10. Bears are expected to remain in control until prices stay below $15.60 at least. It is hence recommended to remain short for now with risk at $15.60. Immediate support is seen at the levels of $14.00, followed by $13.00, $12.00, and lower while resistance is seen at $15.60 followed by $16.40, $17.50, and higher.
Remain short for now, stop at $15.50/60, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com