Technical outlook and chart setups:
Silver is trading around $15.70 levels now after bouncing off from intraday lows at $15.60. The metal has retraced from yesterday’s highs and seems to be ready to resume its rally towards $16.40 and $16.90. Bulls should be poised to remain in control until prices stay above yesterday’s lows ($15.50). It is hence recommended to remain long and also look to add further at current levels with risk at $15.30. Immediate support is seen at the level of $15.50 followed by $15.30 and lower while resistance is seen at $16.30/40 followed by $17.20/30 and higher respectively.
Remain long for now, stop is at $15.30, targets are at $16.40 and $16.90.
The material has been provided by InstaForex Company – www.instaforex.com