Trading outlook and chart setups:
Silver has dropped lower and tested the level of $16.10 now, remaining just shy of $16.00 as seen here. Please note that the pair is stalling at a fibonacci 0.786 support of the rally between $15.60 and $17.70 respectively. Furthermore, the candlestick formation around $16.10 suggests a potential reversal from current levels as well. It is hence recommended to remain long with stop around the level of $15.60 now. Immediate support is seen at the level of $16.00 followed by $15.60/80, $15.30, and lower. Resistance is seen at $17.30/40 , followed by $18.40/50 and higher respectively.
Remain long for now and look to add further, stop is at $15.60, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com