Technical outlook and chart setups:
Silver found support at $16.20/50 levels on November 23, 2016 and has held those lows since then. The metal is seen to be trading at $16.65/70 levels for now, looking to push higher towards $17.20 and higher levels. Please note that Silver has bounced off the vicinity of fibonacci 0.618 support of the previous rally between $13.60 and $21.13 levels respectively. The wave structure reveals that Silver has potential to push higher towards $21.13 levels at least, provided prices remain above $16.16 going forward. On the flip side, a break below $16.00 would indicate that the metal could test $15.20 before pulling back, though the probability of the latter is smaller. Immediate support is seen through $15.80 level while resistance is at $19.00 level respectively.
Trading recommendations:
Remain long now, stop at $16.10, target is $17.20 and $18.00 levels at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com