Technical outlook and chart setups:
Silver has bounced off the fibonacci 0.618 support of the rally between $14.65 and $18.50 levels, at $16.10 levels as depicted here. The metal is expected to hold $16.10 levels support and resume rally towards $20.00 and $20.84 respectively. It is highly recommended to remain long for now and also look to add further positions, with risk at $15.50 levels. Immediate support is $16.10 (interim), followed by $15.50 and lower respectively while resistance is seen at $17.50 (interim), $18.50 and higher respectively. Silver bulls are poised to be gearing up for an extensive rally into $21.00 at least
Trading recommendations:
Remain long, stop at $15.50, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
