Technical outlook and chart setups:
Silver is trading around $15.70 now after having broken out of the trading range yesterday. The metal had rallied up to $15.88 before pulling back lower again. Another push above $15.80 should bring the metal into the buy zone of the dropping trend-line resistance and probably test $16.00/10. That would confirm the meaningful bottom in place at $15.50. It is therefore recommended to remain long now with risk below $15.30. Immediate support is seen at the level of $15.50 followed by $15.30, and lower while resistance is seen at the level of $16.00/10 followed by $16.40/50, $17.20, and higher respectively.
Remain long for now, stop is at $15.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com