Technical outlook and chart setups:
Silver is trading around the levels of $15.50/60 at the moment after having taken out initial resistance at $15.80/85 as seen on the H4 chart. The metal is expected to retrace lower around $15.20 before rallying further higher towards at least $16.60. It is hence recommended to buy around $15.20 on dips with risk at the level of $14.25. Immediate support is seen at the levels of $14.50/60 followed by $14.30 and lower while resistance is seen at the levels of $16.40/50 followed by $17.20 and higher respectively.
Look to enter long positions again around $15.20/30, stop is at $14.25, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com