Technical outlook and chart setups:
Silver is seen to be trading around the $14.80 levels at the moment after testing lows at the $14.50 levels earlier. The metal could bounce back from current levels if it manages to take out the $15.85/85 and $16.40 resistance levels subsequently. Please note that the metal could drop towards sub $13.00 levels as well before bouncing back at the long-term support trendline depicted on the monthly chart view here. It is therefore recommended to hold long positions for now with risk at the $14.25 levels. If prices drop lower, remain flat. Immediate support is seen at the $14.00 levels followed by $12.00/30, while resistance is seen at the $16.40 levels and higher respectively.
Remain long until prices remain above the $14,25 levels.
The material has been provided by InstaForex Company – www.instaforex.com