Technical outlook and chart setups:
Silver dropped to he level of $14.68 levels yesterday re-testing the level of $14.66 before pulling back sharply. The metal has just reached an intraday high around $15.60 before regaining 30 cents. Now, we can see a morning star candlestick pattern in the daily chart indicating potential reversal and a double bottom formation at $14.66. It is still recommended to wait for a day or two to get the above confirmation before long trades. Immediate support is seen at $14.60 (interim), while resistance is seen at $15.85/95 followed by $16.40, and higher respectively.
Remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com