Silver has bounced off exactly from the expected levels around $14.50 today. Please note that the metal found support at the confluences of and fibonacci levels around $14.50. Furthermore, an was formed on the H4 chart indicating reversal. The metal should be targeting at the level of $16.40. It is hence recommended to remain long now with risk at $14.00. Immediate support is seen at $14.25 followed by $14.00 and lower, while resistance is seen at $15.60 followed by $16.40/50 and higher.
Trading recommendations: Remain long with stop at $14.00, a target is at $16.40/50 and higher.
The silver price continues fluctuating near the critical resistance at 15.40, waiting for breaching this level to reinforce the expectations for the bullish correctional trend, where the next targets located at 15.85 and then 16.30 are. In general, we will keep preferring the bullish bias if the price settles above the 14.35 level, which gets good support from the EMA 50, where breaking the mentioned level represents negative factor that will push the price to return to the main bearish track. The EMA 50 supports the suggested rise, which its a continuation conditioned by holding above the 14.35 level, pointing that stochastic's current negativity might cause some temporary sideways fluctuation before resuming the expected bullish trend.