Silver is trading around $15.30/32 at the moment and could dip lower to the level of $15.15 before resuming its rally. Please note that the metal has taken out initial resistance at $15.85 earlier and undergoes retracement now, which could form a base at the fibonacci 0.618 around $15.15 levels. It is hence recommended to remain long and also look to add further at lower levels with risk at $14.30. Immediate support is seen at $14.50/60 (interim), followed by $14.30 and lower while resistance is seen at $16.40/50 followed by $17.20 and higher respectively.
Trading recommendations:
Remain ling for now, stop is at $14.30, 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 around $15.30/32 at the moment and could dip lower to the level of $15.15 before resuming its rally. Please note that the metal has taken out initial resistance at $15.85 earlier and undergoes retracement now, which could form a base at the fibonacci 0.618 around $15.15 levels. It is hence recommended to remain long and also look to add further at lower levels with risk at $14.30. Immediate support is seen at $14.50/60 (interim), followed by $14.30 and lower while resistance is seen at $16.40/50 followed by $17.20 and higher respectively.
Trading recommendations:
Remain ling for now, stop is at $14.30, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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