Technical outlook and chart setups:
Silver is trading around $16.77 levels at the moment after having formed lows at $16.65. The metal has bounced off the fibonacci 0.618 levels of the rally between $16.20 and $17.70/80. There is still a potential of a resumption of the rally above $18.40/50. It is hence recommended to remain long for now with risk at $16.20. Immediate support is seen at the level of $16.20 followed by $15.80 and lower. Resistance is seen at the level of $17.30 followed by $17.70, $18.40/50, and higher respectively.
Remain long, stop at $16.20, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com