Technical outlook and chart setups:
Silver is remains flat compared to yesterday, after bouncing off $14.50. The metal has bounced off the Fibonacci and trend-line convergences producing an engulfing bullish candlestick pattern. That indicates a change in trend. It is hence recommended to remain long with risk at $14.00. Immediate support is seen at the levels $14.25, followed by $14.00, $13.00 and lower while resistance is seen at $15.60 followed by $16.40/50 and higher. Bulls are expected to remain in control until prices stay above $14.00.
Remain long with stop set at $14.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com