Technical outlook and chart setups:
Silver have formed potential support, just below the level of $16.00 and bounced off higher for now. Please also note that the metal has formed an engulfing bullish candlestick pattern, indicating a potential reversal. The metal is trading around the level of $16.09 at the moment, preparing to rally towards at least $16.80/$17.00. It is hence recommended to remain long for now, with risk at $15.30. Immediate support is seen at the level of $15.80, followed by $15.60, $15.30, and lower. Resistance is seen at $16.80 followed by $17.20, $17.70, and higher respectively.
Remain long for now, stop is at $15.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com