Technical outlook and chart setups:
Silver is seen to be trading around $14.80 levels at the moment, after having printed interim highs at $15.00 levels earlier. Please note that the metal seems have hit a low at $14.55 yesterday. A morning star candlestick pattern is also seen on the hourly charts, indicating at least a pullback if not reversal. It is hence recommended to remain long for now, with risk at $14.25. Immediate support is seen at $14.55/60 levels (interim), followed by $14.0, $13.00, and lower while resistance is seen at $15.50 (interim) followed by $15.45, $15.85, and higher respectively.
Remain long for now, stop is at $14.25, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com