Technical outlook and chart setups:
Silver tested lows around $16.50 yesterday again before pulling back sharply. The metal is trading around the level of $16.80 at the moment, trying to move higher towards fresh highs. Please note that the metal has bounced off its support trendline and also fibonacci 0.50 levels of the rally between $15.60 and $17.70. Immediate support is seen at $16.20 followed by $15.80, $15.30, and lower. Resistance is seen at $17.30 (interim) followed by $17.70, $18.40/50, and higher respectively.
Trading recommendations:
Remain long, stop is at $16.20, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for May 29, 2015 . Thanks for your support.
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