Silver moved through $16.30/40 yesterday before pulling back lower again. The metal trades just below $16.00 at the moment and might be looking for an opportunity to produce a meaningful correction lower towards $15.00/20 before the rally could be resumed. It is hence recommended to remain flat and look for an opportunity to initiate fresh long positions a bit lower. Immediate support is seen at $15.40/50 followed by $15.00, $14.40, and lower, while resistance is seen at $16.50 followed by $17.50 and higher. Bulls are expected to remain under control until prices stay broadly above $14.00.
Trading recommendations:
Remain flat and buy lower around $15.00/20.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver moved through $16.30/40 yesterday before pulling back lower again. The metal trades just below $16.00 at the moment and might be looking for an opportunity to produce a meaningful correction lower towards $15.00/20 before the rally could be resumed. It is hence recommended to remain flat and look for an opportunity to initiate fresh long positions a bit lower. Immediate support is seen at $15.40/50 followed by $15.00, $14.40, and lower, while resistance is seen at $16.50 followed by $17.50 and higher. Bulls are expected to remain under control until prices stay broadly above $14.00.
Trading recommendations:
Remain flat and buy lower around $15.00/20.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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