Technical outlook and chart setups:
Silver rallied through $15.00 last week before correcting lower as seen here. Please note that the metal is trading in the buy zone of resistance line and is expected to extend its rally further towards at least $15.30/40 if not higher. It is therefore recommended to remain long on the metal with risk at $14.25. Immediate support is seen at the level of $14.55 followed by $14.40, $14.00, and lower while resistance is seen at $15.30 (fibonacci), followed by $15.19/16.00, $16.40/50, and higher respectively.
Remain long for now, stop is at $14.25, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com