Technical outlook and chart setups:
Silver is trading around the levels of $17.20/22 now after it made a bottom near $16.90 yesterday. The metal is expected to rally through $17.50/60 at least if not higher. There is a possibility that the prices could drop below the level of $16.90 before the trend resumes. It is recommended to remain long for now with risk at the level of $16.80. Immediate support is seen at $16.90 followed by $16.20, $15.80, and lower, while resistance is seen at $17.70 followed by $18.40/50 and higher respectively.
Remain long for now, stop at $16.80, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com