Technical outlook and chart setups:
Silver is trading around $16.70 now. The metal might be looking to form a base around $16.40 before resuming its rally. Please note that $16.40 is also fibonacci 0.618 support of the rally between $15.60 and $17.80 respectively. It is hence recommended to remain long for now and also look to add further at lower levels. Risk remains around $16.00. Immediate support is seen at $16.40/50 (interim) followed by $16.00, $15.60/80, and lower. Resistance is seen at $17.30/40 (interim) followed by $17.70 and higher respectively.
Remain long, stop is at $15.80, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com