Technical outlook and chart setups:
Silver has finally dropped to $16.50/60 levels on Friday, and is seen bouncing off higher now. Please note that the metal remains supported by the rising trend line for now around $16.75/80 levels. Furthermore, the fibonacci 0.618 support is also passing through the same region, as depicted here. A bullish bounce here, would be extremely encouraging to initiate fresh long positions. It is therefore recommended to remain long from earlier positions and also look to initiate further positions now. Immediate support is seen at $16.50/60 levels (interim), followed by $16.20, $15.50 while resistance is seen at $17.50/60, followed by $18.40 and higher respectively.
Trading recommendations:
Remain long and also add further long positions here, stop at $16.00, the target is $18.90 and $21.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
