Technical outlook and chart setups:
Silver re-tests its support region around $15.50/80 levels as depicted on the daily chart view here. Please note that the resistance turned support trend line and fibonacci 0.618 support is also being tested around the same levels. It is recommended to remain long and also look to add further long positions on a bullish bounce here. Immediate support is seen at $15.50, followed by $14.50 and lower while resistance is seen at $16.50 (interim), followed by $17.25/50, $17.80/18.00 and higher respectively. Bulls are expected to regain control around current price levels.
Trading recommendations:
Remain long, stop at $14.25, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
