Technical outlook and chart setups:
Silver has pushed through the fibonacci 0.786 resistance levels around $15.60 for now. The metal is seen to be producing a bearish evening star candlestick pattern at the moment, indicating a potential pullback lower. It is hence recommended to remain flat for now, while aggressive trade setup could be to initiate short positions, with risk at $16.00 levels. Immediate support is seen at $15.10/15 levels, followed by $14.90, $14.40/50 and lower while resistance is seen at $15.90 levels, followed by $16.40 and higher respectively.
Remain flat for now. Aggressive setup is to initiate short positions with stop at $16.00, target $15.00.
The material has been provided by InstaForex Company – www.instaforex.com