Technical outlook and chart setups:
Silver has broken out of the cone consolidation structure as shown in the H4 chart. It is trading around $14.40/50 now looking for an opportunity to drop lower towards at least $14.30 if not even lower. Please also note that the Fibonacci 50% support and resistance-turned-support trend line is also seen at $14.30 levels. It is hence recommended to take profits on long positions and buy again near the level of $14.30 with risk at $14.00. Immediate support is seen at $14.30, while resistance is seen at $14.60. A bullish reversal from $14.30 should push the metal towards the level of $15.00 as well.
Trading recommendations:
Take profits and remain flat. Buy again around $14.30.
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 January 27, 2016 . Thanks for your support.
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