Technical outlook and chart setups:
Silver might be looking to form a base around the $14.50 levels before turning higher again. Please note that the $14.50 levels is a strong Fibonacci convergence, with a potential tendline support passing through as well. It is hence recommended to remain long for now and also look to add further positions around the $14.50 levels with risk at $14.00. Immediate support is seen at the $14.50 levels followed by $14.25, $14.00 and lower, while resistance is seen at the $15.60 levels followed by $16.40 and higher respectively.
Remain long, stop is at $14.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com