Technical outlook and chart setups:
Silver has been testing an intermediary trend line resistance at $16.70/80 levels for now, as depicted on the 4H chart. A bearish reaction here could bring the metal lower towards $16.20/30 levels again before the rally continues. It is recommended to remain long for now and also look to buy lower around $16.20/30 with risk at $15.50. The pair is expected to rally towards $17.30/40 levels as per fibonacci extension levels depicted here. Immediate support is seen at $16.00/10 levels (interim), followed by $15.50 and lower while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively. Bulls are poised to remain in control till prices stay above $15.50 levels.
Trading recommendations:
Remain long for now, stop at $15.50, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
