Technical outlook and chart setups:
Silver has paused its rally around $16.40/50 levels as seen here. A drop at least towards $16.00 or $15.90 levels is expected before the rally resumes. Please note that $16.00 was resistance earlier, which could act as support now, if prices manage to reach there. It is recommended to remain flat for a while and look to enter buying on a drop from here. Immediate support is seen at $16.00, followed by $15.80/90, $15.50 and lower, while resistance is seen at $17.40/50, $17.80/18.00 and higher respectively. Only a drop below $15.50 and subsequently $14.50 could be a worry for the bullish setup.
Trading recommendations:
Remain flat for now. Look to buy lower.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
