Technical outlook and chart setups:
Silver has dropped again to test interim support around $16.00 as seen in the 4-hour chart. The metal is right at the Fibonacci 0.618 support level now and a bullish bounce should be expected. It is hence recommended to remain long and look an opportunity to add further positions with risk around $15.50. Immediate support is seen at the level of $16.00 (interim) followed by $15.80, $15.30, and lower while resistance is seen at $17.40 (interim) followed by $18.40/50 and higher respectively.
Trading recommendations:
Remain long, add further positions, stop at $15.30, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
