Technical outlook and chart setups:
Silver has finally raised through and taken out initial resistance at $15.60. The metal reached a high of $15.70 and is expected to retrace lower. As depicted here, initial support begins at $15.05 along with the back side of resistance trend line, which acts as support now. It is hence recommended to remain long and look for an opportunity to add further on dips to $15.00 and $14.50/60. Immediate support is seen at $15.00 followed by $14.50, $14.00, and lower, while resistance is seen at $16.40/50, $17.40, and higher.
Trading recommendations:
Remain long with stop set at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com