Technical outlook and chart setups:
Silver had dropped to expected levels ($16.00/15.80) yesterday before pulling back. This could be a final drop before a rally resumes towards $18.40/50 levels in the coming sessions. Bulls should be in control till prices stay above $15.60 and $15.30 levels subsequently. It is recommended to initiate fresh long positions here, with a risk below $15.30 levels. Immediate support is seen at $15.60 (interim), followed by $15.30 and lower while resistance is seen at $17.40/50 (interim), followed by $18.40/50 and higher respectively.
Initiate fresh long positions around $16.20/25, stop at $15.30. A target is open.
The material has been provided by InstaForex Company – www.instaforex.com