Technical outlook and chart setups:
Silver seems to be looking to rally towards $18.40/50 levels at least, after having tested lows at $15.80 levels again last Friday. The metal is still preferred to buy on dips with bulls poised to push it higher till prices stay above $15.60 levels. It is therefore recommended to remain long, with risk at $15.30 levels for now. Immediate support is seen at $15.60 (interim) levels, followed by $15.30 and lower while resistance is seen at $16.70/80 (interim) levels, followed by $17.40/50, $18.40/50 and higher respectively.
Remain long, stop at $15.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com