Silver seems to be converging towards the Fibonacci 0.618 support around $15.14/20 levels as depicted here. The metal should find support there and produce a bullish reversal soon. Please note that the metal is still around the past resistance turned into support levels as well. A bullish turn here should indicate a potential reversal for the metal. It is still recommended to hold long positions, with risk around the $14.40 levels for now. Immediate support is seen at the $15.00 levels, followed by $14.40 and lower, while resistance is seen at the $16.50 levels and higher.
Trading recommendations:
Remain long, stop is at $14.40, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver seems to be converging towards the Fibonacci 0.618 support around $15.14/20 levels as depicted here. The metal should find support there and produce a bullish reversal soon. Please note that the metal is still around the past resistance turned into support levels as well. A bullish turn here should indicate a potential reversal for the metal. It is still recommended to hold long positions, with risk around the $14.40 levels for now. Immediate support is seen at the $15.00 levels, followed by $14.40 and lower, while resistance is seen at the $16.50 levels and higher.
Trading recommendations:
Remain long, stop is at $14.40, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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