Technical outlook and chart setups:
Silver is trading around the levels of $14.73/75 after hiving hit a low at $14.40 on Friday. The metal needs to reach at least the level of $15.00, to confirm an intermediary low. Bottom is formed. It is recommended to exit long positions and remain flat for now, waiting for a confirmed reversal sign. Immediate support is seen at $14.40 (interim) followed by $13.00 and lower while resistance is seen at $15.00 followed by $16.00 and higher respectively.
Exit long positions and remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com