Technical outlook and chart setups:
Silver is trading above the level of $16.00 now after hitting interim highs at $16.30 yesterday. As seen here, the metal has bounced off its support trendline after testing it several times and also taken out an interim resistance around the level of $16.20. The metal confirms a bullish reversal candlestick pattern as well. It is safe to buy on dips from here. It is hence recommended to remain long from earlier positions. Look to add further around the level of $15.90/95, with risk at $15.30. Immediate support is seen at $15.80 (interim) followed by $15.60, $15.30, and lower. Resistance is seen at $17.20/30 now followed by $17.70 and higher respectively.
Remain long and look to add further positions, stop is at $15.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com