Technical outlook and chart setups:
Silver dropped lower to the levels of $14.60/70 again as expected at the back drop of Gold. The metal is expected to test $14.50, which is the convergence of fibonacci levels and trend-line supports as depicted here. It is hence recommended to initiate 50% long positions now remaining around $14.50, with risk at $14.00. Immediate support is seen at the levels of $14.50 followed by $14.00, $13.00, and lower, while resistance is seen at $15.60 followed by $16.40, and higher.
Trading recommendations:
Remain long, stop is at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for September 28, 2015 . Thanks for your support.
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