Silver has dropped to the $15.40 levels today before pulling back higher again to the $15.90 levels. The metal needs to drop below the $15.40 levels to confirm further downside towards the $15.00/10 levels. On the other hand, if the mark of $15.40 holds, the metal should be heading higher from current levels. It is hence recommended to remain long for now and look to buy more around the $15.00 levels with risk at the $14.40 levels. Immediate support is seen at the $15.40 levels (interim) followed by $15.00/10, $14.40, $14.00 and lower, while resistance is seen at the $16.40/50 levels followed by $17.50/60 and higher.
Trading recommendations:
Remain long for now, 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 has dropped to the $15.40 levels today before pulling back higher again to the $15.90 levels. The metal needs to drop below the $15.40 levels to confirm further downside towards the $15.00/10 levels. On the other hand, if the mark of $15.40 holds, the metal should be heading higher from current levels. It is hence recommended to remain long for now and look to buy more around the $15.00 levels with risk at the $14.40 levels. Immediate support is seen at the $15.40 levels (interim) followed by $15.00/10, $14.40, $14.00 and lower, while resistance is seen at the $16.40/50 levels followed by $17.50/60 and higher.
Trading recommendations:
Remain long for now, 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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