Technical outlook and chart setups:
Silver is trading at $17.00/10 levels at the moment, for an opportunity to resume its rally. Please note that the metal has been well supported around the fibonacci 0.50 levels at $16.90. It is still possible that the metal drops up to fibonacci 0.618 support at the level of $16.75 before resuming its rally further. It is recommended to remain long for now with stop around the level of $16.30/40, leaving more room for a correction. Immediate support is seen at $16.90 (interim) followed by $16.20, $15.80, and lower. Resistance is seen at $17.70/80 followed by $18.40/50 and higher respectively.
Remain long for now, stop at $16.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com