Technical outlook and chart setups:
Silver has been retracing since hitting $16.25 yesterday. The metal is expected to form a higher low ahead of $15.90 and resume its rally towards $17.30/40 soon. Please note that the metal has already produced a potential reversal pattern earlier. This fall could just be a final test of recent lows before bulls regain control. It is recommended to remain long with risk at $15.30. Immediate support is seen at $15.90 followed by $15.60, $15.30, and lower. Resistance is seen at $16.80 levels (interim) followed by $17.30, $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