Technical outlook and chart setups:
Silver dropped lower to the levels of $14.60/70 again as expected at the back drop of Gold. The metal is expected to test $14.50, which is the convergence of fibonacci levels and trend-line supports as depicted here. It is hence recommended to initiate 50% long positions now remaining around $14.50, with risk at $14.00. Immediate support is seen at the levels of $14.50 followed by $14.00, $13.00, and lower, while resistance is seen at $15.60 followed by $16.40, and higher.
Remain long, stop is at $14.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com