Technical outlook and chart setups:
Silver has been drifting around $16.40.60 levels since yesterday. The metal is expected to drop lower towards $15.30 or even up to $14.90 levels before rallying further up. Furthermore, there seems to be a convergence around $15.50/60 and $14.90 levels of the retracement and extension levels, indicating a strong possibility of the next low formation around either of the above. Immediate support is seen at $15.50, followed by $14.90, $14.50 and lower respectively. It is recommended to remain flat for now and look to initiate longs around $15.30 levels. Bulls should be determined to rally towards fresh highs after a drop.
Trading recommendations:
Remain flat, look to go long around $15.30, stop at $14.20, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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