Technical outlook and chart setups:
Silver is trading around $16.00 as expected after having taken out interim resistance around $16.30. The metal seems to have bottomed around $15.90 and is about to resume its rally higher towards $17.20 and higher respectively. Bulls should be poised to remain in control until prices stay above $15.80 broadly. It is hence recommended to hold long positions and also look to add further, with risk around the level of $15.30 now. Immediate support is seen at the level of $15.80, followed by $15.60, $15.30, and lower. Rresistance is seen at $17.20/30 followed by $17.70/80 and higher respectively.
Remain long, stop is at $15.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com