Technical outlook and chart setups:
Silver is expected to remain above the level of $16.00 from here on. The metal is seen to be trading at $16.40/50 at the moment after bouncing off from $16.00 yesterday. The fibonacci 0.618 support should hold for now and Silver is expected to rally towards $18.40/50 at least. It is strongly recommended to remain long and also look to add further positions. Immediate support is seen at $16.00 (interim) followed by $15.80, $15.30, and lower, while resistance is seen at the levels of $17.40/50 followed by $18.40/50 and higher respectively.
Trading recommendations:
Remain long, stop at $15.30, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
