Technical outlook and chart setups:
Silver has remained steady after bouncing off the $15.50/60 levels as seen here. The metal is expected to continue rallying further towards $17.50 levels at least. It is recommended to continue holding long positions for now, risk remains below $14.50 levels. As discussed earlier, the metal may be forming a right shoulder of a potential inverted head and shoulder reversal. Immediate support is seen at $15.50 levels (interim), followed by $14.50 and lower while resistance is seen at $16.60 levels, followed by $17.20/30 and higher up respectively. Bulls should remain in control till prices remain above $14.50 for now.
Trading recommendations:
Remain long for now, stop at $14.50, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
