Technical outlook and chart setups:
Silver is trading at $16.15 levels for now after yesterday's pullback lower to $16.50. The metal has already bounced off from its trend-line support earlier and formed the bottom at $15.80. Bulls should remain in control until prices stay above at least $15.80. It is hence recommended to remain long for now and also look to add on intraday dips ahead of $15.80/90. Immediate support is seen at $15.80 (interim) followed by $15.60, $15.30 and lower while resistance is seen at $17.20 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