Technical outlook and chart setups:
Silver is trading around $13.80 now after testing recent lows at the level of $13.63 hit earlier. The metal has got potential to extend towards at least $15.40/50. On the flip side, a breakout below the level of $13.63 should see prices dropping to $13.00 and lower before turning bullish again. There is a high probability that a rally from the current levels will take place, hence it is recommended to initiate long positions now with risk at $13.40. Immediate support is seen at $13.63, while resistance is seen at $14.30 (interim) followed by $14.60 and higher. Bulls may be poised to regain control until prices remain above $13.60.
Trading recommendations:
Initiate long positions with stop at $13.40, a target is open.
Good luck!
