Technical outlook and chart setups:
Silver had dropped to past resistance turned support levels around $17.50 yesterday before pulling back higher. The metal could be poised to rally through $18.90 levels from here on. It is hence recommended to remain long again and look to add further on dips. Immediate support is seen at $17.40/50 (interim), followed by $16.50/70 and lower while resistance is seen at $18.50 (interim), followed by $18.90 and higher respectively. The inverted head and shoulder setup is shaping up well and bulls are expected to remain in control till prices remain above $15.50 levels moving ahead.
Trading recommendations:
Remain long, stop at $15.50, the target is at $21.00 at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
