Technical outlook and chart setups:
Silver has been already pushed higher than the initial resistance and made another spike at the level of $17.10 before pulling back. A pullback could be due towards $16.00 at least before the rally could resume. It is recommended to take profits from long positions taken earlier and remain flat before initiating long positions again. Immediate support is seen at $16.60 , followed by $15.80 and $15.25 while resistance is seen at $17.45, followed by $17.75 and higher respectively. Bears might want to take control for a while now and produce a meaningful retracement before giving it up.
Trading recommendations:
Take profits from earlier long positions and remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
