Technical outlook and chart setups:
Silver seems to be pushing higher towards fibonacci 0.618 resistance of the drop from $17.80 to sub $15.00 levels as seen here. Please also note that the sloping trend line resistance is also seen at the same levels. A bearish reaction there could see the metal reversing lower and targeting below $15.00 levels. On the flip side, a push through, could see $17.00 and $17.30 levels at least. It is recommended to remain long on remaining positions, move risk to break even levels. Support is seen at $16.00/20, followed by $15.20/30 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 levels and higher up respectively.
Trading recommendations:
Remain long, move stop to break even levels, the target is at $17.30.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
