Technical outlook and chart setups:
Silver has dropped to the levels of $16.30 as seen here, and is expected to be supported ahead of levels of $16.00. The metal still remains in an uptrend until prices stay above the levels of $16.00 and subsequently above $15.50. It is recommended to remain long for now and also look to add further at the current levels, risk remains below $16.00. Immediate support is seen at $16.20 followed by $15.50 and lower, while resistance is seen at $17.80/90 followed by $18.40 and higher. Bulls are expected to remain in control until prices stay above the levels of $15.50. Please note that the metal has dropped below the 0.618 Fibonacci support and hence it could test $16.20 before resuming rally.
Trading recommendations:
Remain long. Stop is at $15.50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
