Technical outlook and chart setups:
Silver has dropped to $13.70 levels today before pulling back higher again. Please note that the metal is bouncing off the support and resistance lines within the cone consolidation precisely. The metal has formed a bullish pin bar candlestick pattern on the 4H chart view, as seen here, right at the support trend line. It is now expected to stage a rally through $14.20/30 levels, which is resistance trend line. A break above from there would be extremely bullish and could see prices rising quickly through the $15.00 and higher levels. It is hence recommended to initiate long positions now, with risk at $13.45 levels. Immediate support is seen at $13.65 levels while resistance is seen at $14.05 levels respectively.
Trading recommendations:
Remain/Initiate fresh long positions now, stop at $13.45, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com