Technical outlook and chart setups:
Silver is seen to be trading around $15.25/30 levels, just ahead of its 50 DMA as seen here on the 4H chart view. Silver bulls would be wanting to target $15.90 levels to confirm that a meaningful bottom has been formed around $14.40/50 levels recently. The metal should be supported around $14.90/15.00 levels for now. It is still recommended to remain flat for now and await for a reaction at lower levels to commit further. Immediate support is seen at $14.90/15.00 levels, followed by $14.40/50 and lower while resistance is seen at $15.90 levels, followed by $16.40 and higher respectively.
Remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com