Technical outlook and chart setups:
Silver is retesting lows created at the levels of $16.50 earlier, before resuming rally. Besides, note that the back side of the counter trend line (resistance turned support) is also passing near-by ($16.60/70). The metal is expected to bounce ahead of $16.50 and further resume its uptrend towards $19.50 and $21.00 levels at least. Immediate support is seen at $16.50 followed by $16.20, $15.50 and lower, while resistance is seen at $17.60/70 followed by $18.40/50, $18.90 and higher, respectively. Hence my recommendations are to remain long, with risk below $16.00. Bulls are expected to remain in control untill prices stay above the levels of $15.50.
Trading recommendations:
Remain long; stop is at $15.50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
