Technical outlook and chart setups:
Silver remains locked in a trading range between $17.00 and $17.60 since a few trading sessions as seen here. Support is seen at $17.00 levels, followed by $16.60 while resistance is seen at $17.60/70 followed by $18.00 and higher respectively. It is recommended to remain long for now, risk remains below $16.60. Immediate expected movement is a rally towards at least $17.60 levels if not higher. Only a break above $17.60.70 levels would confirm that the metal is headed towards $18.00, $18.80 and higher levels. On the flip side, a break below $17.00 and subsequently $16.60 would delay matters further and confirm that bears remain in control.
Trading recommendations:
Remain long, stop is at $16.40, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
