Technical outlook and chart setups:
Silver is seen to be
trading around $16.40 levels for now, at the lower end of a very tight
trading range. The metal could drop to $16.20 levels if $16.35 breaks
down, and then resume its rally.
Bulls are looking to remain in control, till prices stay above $15.80 levels. It is recommended to remain long for now, risk is around $15.30 levels. Immediate support is seen at $15.80/60 levels, followed by $15.30 and lower while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively.Only a drop below $15.60 would delay matters.
Remain long, stop at $15.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com