Technical outlook and chart setups:
Silver is seen to be attempting a break above its 50 Day moving average around the $14.65 levels as seen here. A successful break here and subsequently the $15.00 levels, could confirm that a meaningful bottom is in place around the $14.40 levels. It is hence recommended to remain long for now with risk at the $14.25 levels. Immediate support is seen at the $14.40/50 levels followed by $14.00, $13.00 and lower, while resistance is seen at the $15.00 levels followed by $15.30, $15.90 and higher respectively. Current rally is still a pullback and can find resistance around the $15.30 levels.
Remain long with stop at $14.25.
The material has been provided by InstaForex Company – www.instaforex.com