Technical outlook and chart setups:
Silver has reacted well as expected at the levelsof $15.00 levels. Bears will remain in control until prices stay below the levels of $15.60. Also please note that it has reversed from $15.00, which is Fibonacci 0.618 resistance, indicating a continuation of a bearish move. It is hence recommended to remain short, with risk at $15.80. Immediate support is seen at $14.00 followed by $13.00 and lower while resistance is seen at $15.60 followed by $16.40 and higher.
Remain short with stop at $15.80.
The material has been provided by InstaForex Company – www.instaforex.com