Technical outlook and chart setups:
Silver bounced off the $15.00 levels on Friday and closed around the high of the day at $15.75, producing a morning star on the daily chart view. It is recommended to remain long and also continue to buy on dips. Resistance is seen at $16.20 levels, followed by $17.40, $17.80/18.00 while support is seen at $15.00 levels respectively. Bulls want to target at $16.20 as an immediate target before pulling back. Also note that $16.20/25 is the fibonacci 0.382 resistance level of the drop between $17.50 and $15.00 levels respectively. Breaking the $16.20 resistance, Silver could be bought again after dips around $15.50 region.
Trading recommendations:
Remain long in the metal for now. Stop at $14.75.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
