Technical outlook and chart setups:
Silver remains unchanged from yesterday and is seen to be trading around the levels of $17.05/10 for now. The metal is poised to resume its uptrend after having bounced off $16.50 earlier. Therefore, it is recommended to remain long and also look to add further at the current levels. A push through the levels of $17.20 would also break the counter trend (resistance) line and confirm resumption of the uptrend. Immediate support is seen at $16.50 followed by $16.20, $15.50 and lower, while resistance is seen at $17.40/50 followed by $18.40, $18.90 and higher, respectively. Bulls would remain in control untill prices are above $16.50 for now.
Trading recommendations:
Remain long; stop is at $16.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
