Technical outlook and chart setups:
Silver looks to have done with its retracement at $15.70/80 levels as expected earlier. The metal could be looking to turn around and resume its rally from current levels, $16.15/20. It is still recommended to remain long and also look to add positions now, for higher upside targets towards $17.00 and $17.30 levels as shown here. Support is seen at $15.20/30, followed by $15.00 while resistance is seen at $16.50 (interim), followed by $17.30, $17.60/60, $17.80/18.00 and higher respectively. A push above $16.50 from current levels would confirm that bulls are here to remain for a longer time.
Trading recommendations:
Remain long, stop at $15.30, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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