Technical outlook and chart setups:
Silver might be looking for an opportunity to correct lower towards $15.00/10 before rallying further. Please note that $15.10 is also Fibonacci 0.618 support for the metal along with past resistance turned support in the same area. It is hence recommended to book partial profits on long positions taken earlier and watch for an opportunity to add further on dips. Immediate support is seen at the levels of $15.40 (interim) followed by $15.00, $14.50, and lower, while resistance is seen at the levels of $16.40/50 followed by $17.50 and higher respectively.
Trading recommendations:
Book partial profits and look to add further positions at lower levels.
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 October 09, 2015 . Thanks for your support.
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