Technical outlook and chart setups:
Silver has taken out initial resistance at $15.31 levels earlier, and is pulling back for now.. Please also note that the metal is trading comfortably above its 50 day moving average. It is recommended to remain short for now, with risk around $15.35 levels. Immediate ressitance is seen at $15.30/40 levels, followed by $17.750, and higher while support is seen at $14.40 levels ,. The metal would like to test trend line SUPPORT around $14.80 levels.
Trading recommendations: Remain short for now, stop at $14.35, a target is at $14.80.
Good luck!
Silver has taken out initial resistance at $15.31 levels earlier, and is pulling back for now.. Please also note that the metal is trading comfortably above its 50 day moving average. It is recommended to remain short for now, with risk around $15.35 levels. Immediate ressitance is seen at $15.30/40 levels, followed by $17.750, and higher while support is seen at $14.40 levels ,. The metal would like to test trend line SUPPORT around $14.80 levels.
Trading recommendations: Remain short for now, stop at $14.35, a target is at $14.80.
Good luck!
