Technical outlook and chart setups:
1. Silver looks to be retracing its rally from $19.60 to $20.40. At the moment the metal is forming base at the fibonacci 0.618 support at $19.95 levels. It is expected to resume rally towards $20.80 and $21.70 from here on.
2. Intermediary support is at $19.45, followed by $19.00, $18.75 and lower, while resistance is at $21.70, followed by $22.30 and higher respectively.
3. The structure indicates that Silver is poised to rally towards $21.70 for now. Bulls are going to remain in control till prices stay above $19.00 levels.
Trading recommendations:
Remain long, stop is at $19.00/25, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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