Technical outlook and chart setups:
Silver is trading around the $14.30 levels at the moment with initial resistance seen at $14.60 (50-day moving average passing). Please note that the metal should remain in control of bears until prices stay below the $15.60 interim resistance. It is hence recommended to remain short from yesterday with risk at the $15.50 levels. Immediate support is seen at the $14.00 levels followed by $13.00, $12.00 and lower, while resistance is seen at the $15.00 levels (interim) followed by $15.60, $16.40/50 and higher respectively. Only a break above $15.60 would negate the bearish bias.
Remain short, stop is at $15.50, target is open.
The material has been provided by InstaForex Company – www.instaforex.com