Technical outlook and chart setups:
The daily chart view for silver indicates that the metal is stalling around the fibonacci 0.382 resistance levels around $14.60/80 for now. A push above $14.80 could test $15.00 before reversing lower again. Please also note that the past support turned resistance at $14.40/50, where prices have stalled at the moment. It is recommended to initiate 50% short positions now remaining around $15.00 with risk at $15.80. Immediate support is seen at $14.00 (interim) followed by $13.00, $12.00, and lower, while resistance is seen at $15.60 and higher. Bears should remain in control until prices stay below $15.60.
Initiate 50% shorts now, remaining around $15.00, stop is at $15.80, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com