Technical outlook and chart setups:
Silver has rallied through the $16.90 levels as expected, before pulling back. The metal is facing a trend line resistance at $16.80/90 levels as seen here, and a push higher is required to instill further confidence in the bullish setup. It is still recommended to remain long with risk at $15.50 levels. Immediate support is seen at $16.00/10 levels, followed by $15.50 and lower while resistance is seen at $17.40/70 levels, followed by $18.40/50 and higher respectively. Bulls should be poised to remain in control till prices stay above $16.00 for now.
Remain long, stop at $15.50, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com