Technical outlook and chart setups:
Silver bounced off the $15.40/50 levels yesterday, which is fibonacci 0.50 support of the rally between $15.00 to $15.90. At the moment, the metal is seen to be trading around $15.70 mark, looking to push through $16.00 levels. Resistance is seen at $16.40, followed by $17.50, $17.80/18.00, while support is seen at $15.20/30, followed by $15.00 and lower respectively. As seen here, the metal remains very much in the sell zone of the sloping down trend lines and it actually needs to break above $17.50/80 levels to confirm that a bottom is in place.
Remain long for now, stop at $4.75, the target is at least $16.40.
The material has been provided by InstaForex Company – www.instaforex.com