Technical outlook and chart setups:
Silver has bounced off from the $14.70/80 levels as expected. Please also note that the metal has bounced off the Fibonacci 0.618 support of the rally between the $14.30 and $15.40 levels, respectively. Furthermore, the $14.70/80 levels are also former resistance turned into support. It is hence recommended to hold long positions from yesterday with risk at the $14.00 levels. Immediate support is seen at the $14.25 levels followed by $14.00, $13.00 and lower, while resistance is seen at the $15.60 levels followed by $16.40, $17.50 and higher respectively.
Trading recommendations:
Remain long for now, stop is at $14.00, target is open.
Good luck!
