Technical outlook and chart setups:
Silver is seen to be trading around $14.29/30 levels at the moment, looking to drop lower towards $13.90 levels before reversing. The metal has rallied from $13.65 levels through $14.39 levels and taken out interim resistance at $14.30 levels already. A dip towards $13.90 levels, which is also fibonacci 0.618 support, is expected before the trend reverses. Immediate support is seen at $14.05 levels, followed by $13.90, while resistance is seen at $14.39 levels and higher respectively. Buying on dips through $13.90 levels looks highly probable.
Trading recommendations:
Initiate long positions at $1,060.00 levels, stop at $1,043.00, a target is open.
Good luck!
