Technical outlook and chart setups:
Silver has broken above the consolidation range as expected and is trading at $17.20 for now. The metal can drop to $16.90 before rallying towards fresh highs. Also note that the resistance turned support line is also around $16.80/90. It is hence recommended to remain long for now with risk at $16.00. Immediate support is seen at the level of $16.20/30 followed by $15.80, $15.30, and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively.
Remain long for now, stop at $16.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com