Technical outlook and chart setups:
Silver istrading around $14.80 now after dropping below the interim support of $15.50 yesterday. As depicted here, the metal has tested a low of $14.65 hit back in December 2014 and pulled back. A bullish reversal signal will indicate a potential double bottom formation encouraging bullish setups again. On the other hand, a break below $14.40 could result in further lows in coming days. It is therefore recommended to remain flat now until further confirmation will be seen on charts. Immediate support is $14.65 (interim) followed by $14.40 and lower while resistance is seen at $15.80 and higher respectively.
Stay flat for now.
The material has been provided by InstaForex Company – www.instaforex.com