Technical outlook and chart setups:
Silver has dropped towards $25.30 levels for now. Please note that the current levels is the fibonacci 0.618 support of the rally from $15.00 to $15.80 levels last week. A bullish reversal here would warrant a bullish setup against $15.00. It is recommended to remain long for now, and also look to add positions on a bullish bounce at these levels, risk remains just below $15.00. Interim support is seen at $15.00, followed by $4.60 while resistance is seen at $16.20, followed by $17.50, $17.80/18.00 and higher respectively. Bills to regain control till prices stay above the $15.00 mark.
Trading recommendations:
Remain long, stop at $14.75, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
