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Technical outlook and chart setups:
Silver is stalling at the Fibonacci 0.786 resistance of the recent drop between $14.45 and $13.92. As we can see here, the metal seems to be peeping out of the resistance trend line, but we need to see a breakout above at least $14.45/50. It is recommended to remain flat for now and watch for further confirmation. Immediate support is seen at $13.90 followed by $13.00 and lower, while resistance is seen at $14.45/50, $15.00, and higher. Bears should remain in control of the metal until prices stay below the level of $14.50.
Trading recommendations:
Remain flat now.
Good luck!
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