Technical outlook and chart setups:
Silver is trading around $16.40 now confined into an increasing support and constant resistance type consolidation pattern. The metal should be looking to break above at least $16.60/70 to rally higher. It is hence recommended to remain long with risk at $15.50 now. Immediate support is seen at $16.20 followed by $15.60, $15.30, and lower, while resistance is seen at $16.70 (interim) followed by $17.40/50, $18.40/50, and higher respectively. The rising support consolidation tends to break on the higher side.
Remain long, stop at $15.30 levels, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com