Technical outlook and chart setups:
Silver has also retraced from sub $16.00 levels towards $15.50 for now. It was expected that the metal would take out resistance at $16.20 levels before retracing lower but was not the case. Please note that, the metal has broken above the immediate resistance line and it is testing the backside, which is resistance turned support now. A bullish bounce is expected here, which extends up to $16.40 levels at least, if not any higher. Resistance is seen at $16.20, followed by $16.50, $17.40/50, $17.80/18.00 and higher respectively. It is recommended to continue holding long positions for now, and also look to add further at current levels, risk remains below $15.00.
Remain long, stop at $14.75, target is open.
The material has been provided by InstaForex Company – www.instaforex.com