Silver is trading at a low of $14.48 at the moment, testing the recent bottom formed around $14.40/50 before perfoming reversal. Please note that this rally could be just treated as a counter trend rally that could possibly fade away around $15.30, which is a fibonacci resistance as shown here. It is therefore recommended to remain bullish now with risk at $14.25. Immediate support is seen at $14.40/50 followed by $14.00, $13.00, and lower while resistance is seen at $15.30 followed by $15.90/$16.00 and higher.
Trading recommendations:
Remain long for now, stop is at $14.25, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver is trading at a low of $14.48 at the moment, testing the recent bottom formed around $14.40/50 before perfoming reversal. Please note that this rally could be just treated as a counter trend rally that could possibly fade away around $15.30, which is a fibonacci resistance as shown here. It is therefore recommended to remain bullish now with risk at $14.25. Immediate support is seen at $14.40/50 followed by $14.00, $13.00, and lower while resistance is seen at $15.30 followed by $15.90/$16.00 and higher.
Trading recommendations:
Remain long for now, stop is at $14.25, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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