Technical outlook and chart setups:
Silver is unchanged in its bullish setup for now. The metal is trading at the level of $16.30 and it is expected to continue rally towards $17.40/50 and $18.40 respectively. Please note that it is still holding the fibonacci 0.618 support at $16.00. It is recommended to remain long and also look to take fresh long positions on dips. Immediate support is seen at $16.00 followed by $15.80, $15.30, and lower while resistance is seen at $17.40/50 (interim), followed by $18.40/50 and higher respectively.
Trading recommendations:
Remain long, stop at $15.30, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
