Silver tested the recent low of $15.50 again before pulling back towards $15.90. The metal is seen to be trading around $15.55/60 now looking to reverse ahead of $15.50. A drop below $15.50 would provide the pair with room for a test of $15.30. On the other hand, the potential double top shall be confirmed on a rally towards $16.20. It is recommended to remain long for now with risk around $15.30. Immediate support is seen at the level of $15.50 levels (interim) followed by $15.30 and lower. Resistance is seen at $16.20/30 followed by $17.30 and higher respectively.
Trading recommendations:
Remain long for now, stop is at $15.30, s target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver tested the recent low of $15.50 again before pulling back towards $15.90. The metal is seen to be trading around $15.55/60 now looking to reverse ahead of $15.50. A drop below $15.50 would provide the pair with room for a test of $15.30. On the other hand, the potential double top shall be confirmed on a rally towards $16.20. It is recommended to remain long for now with risk around $15.30. Immediate support is seen at the level of $15.50 levels (interim) followed by $15.30 and lower. Resistance is seen at $16.20/30 followed by $17.30 and higher respectively.
Trading recommendations:
Remain long for now, stop is at $15.30, s target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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