Technical outlook and chart setups:
Silver dropped lower into $15.75 levels last Friday, breaking interim support at $16.00. The metal has been holding major support at $15.50 levels for now, which is encouraging for bulls. It is still recommended to remain long with risk at $15.50 levels. Please note that prices are stalling within the fibonacci 0.618 support of the rally between sub $14.00 levels and $18.50 respectively. A bullish bounce here could still keep the upswing intact and look higher towards $20.00/21.00 levels at the coming sessions. Immediate support is at $15.50, followed by sub $14.00 levels while resistance is seen at $16.90, followed by $17.50, $18.50, and higher respectively.
Trading recommendations:
Remain long for now, stop at $15.50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
