Technical outlook and chart setups:
Silver is trading above the level of $16.00 now, but needs to be pushed above $16.50 to accelerate. The metal has already bounced off the confluence of fibonacci 0.786 and trend-line supports. In is expected to rally further higher towards at least $17.20/30. A push above $16.50 would instill further confidence into the bullish setup and accelerate further. It is therefore recommended to remain long for now with risk around $15.30. Immediate support is seen at $15.80/90 (interim) followed by $15.60, $15.30, and lower, while resistance is seen at $17.20/30 (interim) followed by $17.70 and higher respectively.
Remain long for now, stop is at $15.30 levels, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com