Technical outlook and chart setups:
Silver is trading at the level of $16.10/20 at the moment after testing lows around the level of $15.90 yesterday. Please note that the metal is bouncing off from the confluence of the trendline and fibonacci 0.786 support of a rally between $15.60 and $17.70 respectively. Furthermore, it is producing a bullish morning star candlestick pattern on the H4 chart. It is hence recommended to remain long with risk around the level of $15.30 now. Immediate support is seen at $15.60 followed by $15.30 and lower. Resistance is seen around $16.80 followed by $17.30/40 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