Technical outlook and chart setups:
Silver pushed through the $15.60/70 levels before pulling back to $15.30. Please note that the metal has reacted well from the Fibonacci 0.618 support around $14.70/80 earlier, and bulls are expected to remain in control until the prices stay above the same. It is just a matter of time for bulls to push through the $15.90 levels now. It is hence recommended to remain long and also look to add on dips towards the $15.00/10 levels. Immediate support is seen at the $14.70 levels followed by $14.40 and lower, while resistance is seen at the $15.60/70 levels (interim) followed by $15.90, $16.40, and higher respectively.
Remain long for now and look to add on dips. Stop is at $14.70, target is $16.40.
The material has been provided by InstaForex Company – www.instaforex.com