Technical outlook and chart setups:
Silver is trading above $16.50 now after it formed a base around the level of $16.10 yesterday. The metal needs to be pushed above $16.70 to confirm a bullish breakout. It is recommended to remain long for now with risk at $15.30. Immediate support is seen at $16.10/16.00 followed by $15.60, $15.30, and lower, while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively. The metal could test $16.40 before rallying on the higher side.
Remain long, stop at $15.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com