Technical outlook and chart setups:
Silver has made a higher low yesterday at the levels of $16.25, as seen here. Furthermore, the metal has retraced lower to $16.30 and bounced back higher again and is seen trading at $16.50 for now. Also note that the metal bounced back yesterday to the trend line and the Fibonacci support levels around the levels of $16.30/50. Therefore. it is highly recommended to remain long and also to look to add further positions at thecurrent levels, risk remains at the levels of $15.50. Immediate support is seen at the levels of $16.00 followed by $15.50 and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher.
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
