Technical outlook and chart setups:
Silver bulls seem to be looking for an opportunity to push the price through $15.00, which is also accompanied by the fibonacci 0.618 resistance, 50-day moving average, and intermediary resistance trend line as depicted on the H4 chart. The metal remains a sell-on-rallies candidate until prices stay broadly below $15.60 . It is hence recommended to remain short and also initiate fresh shorts around $15.00, with risk at $15.80. Immediate resistance is seen at the level of $15.60 and higher, while support is seen at $14.40/50 and lower.
Remain short, add more around $15.00, stop is at $15.80, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com