Technical outlook and chart setups:
Yesterday, silver tested the level of $14.40 again before bouncing back off towards its 50-day moving average as seen here. The metal might be forming a possible double bottom, which would be confirmed after prices break above $15.00. It is recommended to remain long with risk around the level of $14.25. Immediate support is seen at $14.40/50 followed by $14.00, $13.00, and lower, while resistance is seen at $15.00 followed by $15.30 (fibonacci), $15.90/16.00, and higher. A break above the level of $15.00 could confirm a meaningful bottom formation around the level of $14.40.
Remain long for now, stop is at $14.25, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com