Technical outlook and chart setups:
Silver is seen to be trading higher at $14.93 levels after hitting intraday highs at $15.00 levels. The metal is expected to drop lower one last time and form bottom around $14.50/55 levels, before turning bullish again. Please note that $14.50/55 levels is also convergence of fibonacci 0.618, trend line and past resistance turned support level, as depicted here. Hence it is recommended to remain flat for now and look to initiate long positions around $14.50/55 levels. Immediate support is seen at $14.50 levels while resistance is at $15.20/30 levels respectively. Bulls are expected to regain control at lower levels from here.
Trading recommendations:
Remain flat for now, watch out for a bullish turn around at $14.50 levels.
Good luck!
