Technical outlook and chart setups:
Silver raises past the first measured resistance at $16.70 levels as seen here, before pulling back. The metal confirms the first step of a potential bullish reversal now. It is recommended to book profits on the long positions initiated yesterday at current price at $16.30. Immediate support is around $15.30/40 levels (fibonacci 0.618), followed by $14.50 while resistance is at $17.40/50, followed by $17.80/18.00 levels and higher respectively. The metal might be carving out a potential inverted head and shoulder reversal from here on, where the right shoulder is projected around $15.30 levels. The metal is now expected to retrace lower towards $25.30/40 levels before turning bullish again for a potential trend reversal.
Trading recommendations:
Book profits on yesterdays long positions at market ($!6.25/30), place long entry orders again around $15.30/40, 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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