Technical outlook and chart setups:
Silver is seen to be trading around the levels of $16.10/15 now after printing lows at $15.95/96 earlier. Please note that the support trendline is passing just below the current price action. Furthermore, the metal is bouncing off the fibonacci 0.786 support of the rally between $15.60 and $17.70. It is hence recommended to remain long for now with risk around $15.50/60. Immediate support is seen at the level of $15.80 followed by $15.60, $15.30, and lower. Resistance is seen at $17.20 followed by $17.70, $18.40/50, and higher respectively.
Remain long for now, stop is at $15.50, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com