Technical outlook and chart setups:
Silver bounced off the sub-level at $15.90 as expected yesterday and is trading around $16.20 at the moment. Please note that the metal has already confirmed its resumption in case of a rally towards $17.70 and higher during the sessions to come. The metal bounced at the confluence of trend-line support and fibonacci 0.786 support around $15.80 as depicted here. It is recommended to remain long and look to add further with risk at $15.30. Immediate support is seen at $15.80 followed by $15.60, $15.30, and lower. Resistance is seen at $17.20/30 followed by $17.70/80 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