Technical outlook and chart setups:
Silver has pushed through initial resistance at $1,188.00/90.00 as seen here. The metal is expected to take a dip lower before continuing its uptrend towards sub $18.00 as depicted here. Bulls are poised to remain in control untill prices remain above the level of $15.30. Immediate support is seen at $16.00 now, followed by $15.80, $15.30, and lower while resistance is seen at $17.40/50, followed by $17.80/90 and higher respectively. The fibonacci 0.618 support of the recent rally from $15.30 to $16.80/90 is seen at the level of $15.80.
Trading recommendations:
Remain long, stop at $15.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
