Technical outlook and chart setups:
Silver seems to have finally formed bottom around $16.60 before bouncing back. The metal is trading around the level of $16.70 at the moment, bouncing off the trendline support as well. Also note that the past resistance turned support region is also around $16.60/70 levels. It is hence recommended to hold long positions for now and look to add further with risk at $16.20 at least. Immediate support is seen at $16.20 levels followed by $15.80, $15.30, and lower. Resistance is seen at the level of $17.30 (interim) followed by $17.70, $18.40/50, and higher respectively.
Remain long for now, stop at $16.20, and a target is open.
The material has been provided by InstaForex Company – www.instaforex.com