Technical outlook and chart setups:
Silver tested $16.0/10 levels for the third time today before pulling back sharply towards $16.40/50 levels again. The metal was expected to drop into $16.20/30 levels after hitting the intermediary resistance trend line passing through $16.70 levels yesterday. Please note that the $16.00 handle still remains intact and recommendations are to remain long, with risk at $15.50 for now. Immediate support is seen at $16.00 levels (interim), followed by $15.50 and lower while resistance is seen at $16.80/90, followed by $17.40/50, $18.50 and higher respectively.
Trading recommendations:
Remain long, stop at $15.50, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
