Technical outlook and chart setups:
Silver has dropped lower from $15.00/10 levels yesterday as expected and it is trading at $14.80 levels for now. Please note that the metal is trading pretty close to its fibonacci 0.618 support at $14.56 levels. The metal is expected to drop lower and bounce off $14.56 levels, to resume its uptrend. Please also note that past resistance turned support and trend line support, fall around $14.50/56 levels. Hence it is still recommended to remain flat, and watch out for a bullish reversal at $14.50/56 levels to go long again. Immediate support is seen at $14.50/56 levels while resistance is at $15.08 levels respectively. A drop below $14.56 levels would then find support at $14.20 levels, going forward.
Trading recommendations:
Remain flat for now. Take long positions at $14.50/56 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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