Technical outlook and chart setups:
Silver remains bullish, after bouncing off the fibonacci 0.618 support at $16.10 levels as depicted here. Bulls seem to have taken control for now with an immediate short-term target being at $17.50. It is highly recommended to remain long for now and consider buying more during intraday dips, with risk at $15.50 levels. Immediate support is seen at $16.00/10 (interim), followed by $15.50 and lower while resistance is seen through $17.40/50 levels (interim), followed by $18.40/50 and higher respectively. Bulls are poised to remain in control till prices stay above $15.50 levels. Upside potential is seen through $21.00 levels.
Remain long for now, stop at $15.50, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com