Technical outlook and chart setups:
Silver is seen to be setting up for another rally towards the levels of $18.40/50 at the sessions to come by. The metal is trading comfortably above $16.00/20 at the moment, having formed lows around $16.10 last week. It is recommended to remain long with risk at $15.50 for now. Immediate support is seen at $16.10 followed by $15.80, $15.30, and lower, while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively. Buy on dips untill prices stay above the level of $15.30 from here on.
Trading recommendations:
Remain long, stop at $15.30, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
