Technical outlook and chart setups:
Silver has rallied towards the level of $14.55 levels for now producing a bullish morning star candlestick pattern on the daily chart view. Please note that $15.00 remain initial resistance and the pair needs to take out to at least $15.60 in order to confirm a trend change. It is hence recommended to remain short with risk at $15.50/60. Immediate support is seen at the levels of $14.00 followed by $13.00, $12.00, and lower while resistance is seen at $15.60 followed by $16.40 and higher. The metal would confirm that bulls are in control after breaking $15.60.
Remain short for now with stop at $15.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com