Technical outlook and chart setups:
Silver has further dipped towards sub $16.00 levels as seen here. The metal is supported by the fibonacci 0.382 level and also resistance turned support trend line as seen here. A bullish reversal could be bought here, risk remains at $14.50. Still, the best/optimum level would be $15.50/60 to enter long positions (potential right shoulder of an inverted head and shoulder reversal). Immediate support is seen at $15.50/60 (fibonacci 0.618), followed by $14.50 while resistance is seen at $17.40/50 levels, followed by $17.80/18.00 and higher up.
Trading recommendations:
Initiate long positions now and also around $15.60, stop at $14.50, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
