Technical outlook and chart setups:
Silver is trading at the level of $16.20/25 now and is preparing to pullback higher again. Please also note that the metal is pulling back from the support line of the recent cone type consolidation, which is encouraging for bulls. Immediate support is seen at $16.00/15.90 followed by $15.60, $15.30, and lower, while resistance is seen at $16.50/70 followed by $17.40/50, $8.40/50, and higher respectively. It is recommended to remain long for now with risk at $15.30. The metal is expected to break higher once it clears resistance at the level of $16.50/70.
Remain long, stop at $15.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com