Technical outlook and chart setups:
Silver has bounced off the fibonacci 0.382 support around $16.90 earlier and is seen to be trading at $17.20 at the moment. The metal is poised to stage a rally through at least $17.50/60 before reversing lower. It could complete at the level $16.40/50 before resuming its rally. It is recommended to remain long for now with risk at $16.80. Immediate support is seen at $16.90 (interim) followed by $ 16.20, $15.80, and lower. Resistance is seen at $17.70 followed by $18.40/50 and higher respectively.
Remain long for now, stop at $16.80, a target $17.50/60.
The material has been provided by InstaForex Company – www.instaforex.com