Technical outlook and chart setups:
Silver has been in a range since yesterday, between $15.55 and $15.75. Resistance is seen at $15.90/16.00, followed by $16.20/40, $17.80/18.00 and higher while support is seen at $15.20/30, followed by $15,00 and lower respectively. A push is required through $16.00 levels to instill further confidence into the upswing. Minimum possibilities remain at $16.40 levels, which is also converging with the fibonacci 0.618 resistance of the fall between $17.30 and $15.00. On the flip side, a break below $15.20 and subsequently $15.00 could be considered to be extremely bearish.
Trading recommendations:
Remain long, stop at $14.75, the target is at least $16.40.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
