Technical outlook and chart setups:
Silver has again dropped lower towards the $14.75 levels after testing resistance at the 50-day moving average on the H4 chart view. It is quite possible that the current drop receives support ahead of tthe $14.40/50 levels and resumes rally towards $16.40 in the near future. It is hence recommended to remain long and also look to add further positions with risk at the $14.40/50 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 $15.80 levels followed by $16.40 and higher respectively.
Remain long, stop is at $14.40, target is open.
The material has been provided by InstaForex Company – www.instaforex.com