Technical outlook and chart setups:
Silver is trading around the level of $16.80. It is expected to find support around $16.60/70, which is also the fibonacci 0.618 support of the rally $16.10 and $17.80. Please note that an intermediary support trendline is passing through the same region. It is hence recommended to remain long for now and add further long positions with risk at $16.20. Immediate support is seen at $16.60/70 (interim) followed by $16.20/00, $15.80, $15.30, and lower. Resistance is seen at $17.30 (interim) followed by $17.80, $18.40/50, and higher respectively.
Remain long, stop at $16.20, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com