Technical outlook and chart setups:
Silver had rallied through $16.76 levels yesterday before pulling back lower and is looking to extend its rally higher for now. The metal seems to be better poised to push through $17.40/50 levels and subsequently towards $18.40/50. Immediate support is seen at $15.80 levels, followed by $15.60, $15.30 and lower while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively. It is recommended to hold long positions for now and also look to add further on dips. Bulls are poised to remain in control till prices stay above $15.30 levels.
Remain long stop at $15.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com