Technical outlook and chart setups:
Silver broke out the line of immediate resistance earlier and has also back tested the level of $14.20 today. A potential engulfing bullish candlestick pattern is seen in the 4H chart. Yesterdays' lows hold well. A rally can unfold pushing prices towards $14.60 and $14.90 levels respectively. Bulls should remain poised to stage a rally from the current level of $14.25, $14.18 stays intact. It is recommended to hold long positions and look for an opportunity to add further with risk around $14.00. Immediate support is seen at $14.00, while resistance is seen at $14.45/50.
Trading recommendations:
Remain long with stop at $14.00, a target is at $16.60 and $14.90.
Good luck!
