Technical outlook and chart setups:
Silver has bounced off $16.60/70 fibonacci support and pushed higher through $17.30 levels as seen here. The metal has produced a bullish morning star candlestick pattern indicating a resumption of the uptrend. Also please note that the bounce has been from the past resistance turned support region as depicted around $17.00 levels and a trend line support is also passing from the same region. The metal could dip lower and test the trend line support again before rallying further but trading recommendations are to remain long for now and also add further on intraday dips. Immediate support is the $16.60 (interim), followed by $16.20, $15.50 and lower while resistance is seen at $18.20/40 (interim), followed by $18.90 and higher respectively.
Trading recommendations:
Remain long for now, stop at $15.50, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
