Technical outlook and chart setups:
Silver has retested its support at the levels $16.60/65 before bouncing back higher towards the levels of $17.06. The metal is trading at the levels of $16.90 for now and is expected to resume rally any moment. Besides, note that the trend line support is still intact and the Fibonacci 0.618 support is also passing through the same region. A bullish candlestick appearance at the current levels would confirm that the next move is higher towards $18.90, $19.50 and $21.00, respectively. Bulls shall remain under control untill prices stay above the level of $16.50 and $15.50, respectively. It is recommended to remain long, risk remains at $16.00. Immediate support is at $16.50, while resistance is seen at $17.40/50.
Trading recommendations:
Remain long; stop is at $16.00, target is at $19.50 and $20.25.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
