Technical outlook and chart setups:
Silver is holding above the $14.50/60 levels at the moment. The metal is seen to be trading around the $14.98 levels at the moment, and bulls would be determined to remain in control until prices stay above the $14.20/30 levels at least. On the other hand, a breakdown lower could prove to be extremely bearish for the counter. It is good to remain long until prices remain above the $14.25 levels at the moment. Immediate support is seen at $14.50/60 levels followed by $14.30 and lower, while resistance is seen at $16.40/50 levels followed by $17.20 and higher respectively.
Remain long for now. Stop is at $14.25, target is open.
The material has been provided by InstaForex Company – www.instaforex.com