Technical outlook and chart setups:
Silver is holding above $16.00 now. The metal tested recent lows at $15.90 last week before pulling back higher again. Please also note that the metal remains in the buy zone of its support trendline and holds the fibonacci 0.786 support around the level of $16.00. It is hence recommended to remain long with risk at $15.30 and to add on intraday dips as well. Immediate support is seen at the level of $15.90 followed by $15.60, $15.30, and lower. Resistance is seen at $17.20/30 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