Technical outlook and chart setups:
Silver trades around $16.20/25 levels for now after bouncing off from $15.90 levels yesterday. The metal could push above $16.40/50 levels in the sessions to come. Support is seen at $15.90(interim), followed by $15.30, $15.00 and lower, while resistance is seen at $17.30, followed by $17.50, $17.80/18.00 and higher respectively. It is still recommended to remain long, risk at $15.30. The metal could have possibly formed a higher low at $15.90 and be looking to push through $16.40 levels. The potential upside extensions are $17.00 and $17.30. On the flip side, a break below $15.30 and subsequently $15.00 would be extremely bearish for the metal.
Remain long for now, stop at $15.00, the target remains open.
The material has been provided by InstaForex Company – www.instaforex.com