Technical outlook and chart setups:
Silver is trading at the support region around $17.00 levels for now. The metal could be preparing to rally towards $17.50/60 levels at least, if not higher from here. Hence, it is recommended to remain long for now, risk remains at $16.60. The metal still continues to be in a trading range, where support is around $17.00 and resistance is around $17.60/70 respectively. The metal is supported by $16.60 for now and bulls should remain in control till prices remain above the same. Resistance is seen at $18.00, followed by $18.50 and higher respectively.
Trading recommendations:
Remain long, sset stop at $16.40, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
