Technical outlook and chart setups:
Silver hit a low of $16.40 yesterday as expected and discussed. Please note that $16.40 is also the fibonacci 0.618 support of a rally between $15.60 and $17.70/80 respectively.Bullish recovery here on the H4 chart view would confirm that the bottom has been formed for the next rally to resume. It is hence recommended to remain long for now and look to add further positions at current levels with risk around $16.00. Immediate support is seen at $16.00/10 followed by $15.80, $15.60, and lower. Resistance is seen at $17.30/40 (interim) followed by $17.70/80, $18.40/50, and higher respectively.
Remain long for now and look to add positions, stop is at $15.80, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com