Technical outlook and chart setups:
Silver is trading around $14.40 now still holding the fibonacci 0.786 support level as depicted on the daily chart. Bulls are still expected to regain control until prices stay broadly above $14.00. If this count holds, silver may easily rally above the levels of $16.30/40 in coming weeks. It is hence recommended to remain ling with risk at $14.00. Immediate support is seen at $14.00 and lower, while resistance is seen around $14.50, $15.10/20, and higher.
Trading recommendations:
Remain long with stop at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com