Technical outlook and chart setups:
Silver has bounced off exactly from the expected levels around $14.50 today. Please note that the metal found support at the confluences of trend line and fibonacci levels around $14.50. Furthermore, an engulfing bullish pattern was formed on the H4 chart indicating reversal. The metal should be targeting at the level of $1640.50. It is hence recommended to remain long now with risk at $14.00. Immediate support is seen at $14.25 followed by $14.00 and lower, while resistance is seen at $15.60 followed by $16.40/50 and higher.
Trading recommendations:
Remain long with stop at $14.00, a target is at $16.40/50 and higher.
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 29, 2015 . Thanks for your support.
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