Technical outlook and chart setups:
Silver jumped through the level of $17.20 yesterday before pulling back sharply. The metal is seen to be trading around $16.70 at the moment, looking to resume its rally towards $17.30/40 levels at least. It is hence recommended to remain long with risk around $16.00. Also note that the pair has found support around the fibonacci 0.618 levels of the rally between $16.15 and $17.40 respectively. Immediate support is seen at the level of $16.50 (interim) followed by $16.15, $15.80, and lower. Resistance is seen at $17.30/40 followed by $17.70/80, $18.40/50, and higher respectively.
Remain long, stop is at $16.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com