Technical outlook and chart setups:
Silver bounced from $16.70 levels on Jan 30, and remained shy by few cents to hit the Fibonacci 0.618 support as seen here. Nevertheless, the metal has resumed rally above the levels of $17.50 as of now, and bulls remain poised to extend further gains here, as it was expected. It is highly recommended to remain long for now, and risk is below $16.00. Immediate support is seen at $16.70 (interim), followed by $16.50, $16.20 and lower while resistance is seen at the levels of $18.20 followed by $18.50, $18.90 and higher, respectively. A push beyond $17.80 levels now (trend line resistance passing), would be extremely bullish and confirm that bulls shall remain in control.
Trading recommendations:
Remain long for now; stop is at $16.00, target is $18.90 and $21.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
