Technical outlook and chart setups:
Silver is seen to be trading around $15.96 levels for now and has been holding $15.90/$16.00 levels for a while now. Please also note that the metal has been testing its support trend line passing through the same levels as fibonacci 0.786, around $16.00. Bulls should be poised to remain in control till prices stay above $15.80 levels at least. It is therefore recommended to remain long for now with risk around $15.30 levels. Immediate support is seen at $15.60 levels followed by $15.30 and lower while resistance is seen at $16.20 levels, followed by $17.20 and higher respectively.
Trading recommendations:
Remain long for now, stop at $15.30, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com