Technical outlook and chart setups:
Silver remains more or less unchanged from yesterday and is seen trading at $17.10 levels for now. The metal is expected to push higher through the $17.40/50 levels at least before producing a meaningful retracement. It is therefore recommended to remain long for now and also look to dd further during intraday dips. Immediate support is seen at $16.50 levels, followed by $16.20, $15.50, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively. The metal is lagging behind its counterpart Gold for now and a push higher towards at least $17.40/50 levels should fulfill minimum criteria for a pullback.
Trading recommendations:
Remain long, stop at $15.50, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
