Technical outlook and chart setups:
Silver is drifting lower into $16.00 levels and bounces back. The metal could be well supported around $15.70/80 levels and long positions can be added there. A push higher from the current levels could possibly reach $16.70 and $17.20 on the higher side. Only a break of $17.80/18.00 levels could confirm the beginning of a potential head and shoulder reversal. Support is seen at $15.35, followed by $15.00 and lower while resistance is seen at $16.50/60, followed by $17.30/50, $17.80/18.00 and higher respectively. Bulls should remain in control till prices stay above $15.35 and subsequently $15.00.
Remain flat for now, look to buy around $15.70/80.
The material has been provided by InstaForex Company – www.instaforex.com