Technical outlook and chart setups:
Silver bounced off from the Fibonacci 0.618 levels at $16.50/55 last week. The metal has since then raised through the levels of $17.40. It looks like the metal has resumed its uptrend and is poised to rally towards the levels of $18.90, $19.50 and $21.00, respectively. It is highly recommended to remain long for now, with risk below the levels of $16.00. Immediate support is seen at the levels of $16.50 followed by $16.20, $15.50 and lower, while resistance is seen at $17.70/80 followed by $18.40, $18.90 and higher, respectively. Bulls remain in control for now. The levels of $16.50 should remain intact.
Trading recommendations:
Remain long; stop is at $16.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
