Technical outlook and chart setups:
Silver rallied higher towards the level of $14.75 against our expectation of a continued drop. The metal might be looking to test resistance at $15.00 again. It is hence recommended to exit short positions, take profits, and remain flat for now. Immediate support is seen at $14.00 followed by $13.00 and lower, while resistance is seen at $15.60 levels followed by $16.40/50, $17.75, and higher respectively. The metal should remain bearish untill prices stay below $15.60.
Book profits/exit in short positions, remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com