Technical outlook and chart setups:
Silver has push higher till $16.50 levels, and might be looking to push towards $17.00 levels at least. The metal could be well supported around the $16.00 levels, followed by $15.30 and $15.00 while resistance could be met at $17.30/50, followed by $17.80/18.00 and higher respectively. It is recommended to book partial profits on long positions taken earlier, while moving risk to break even levels for now. A push higher towards $17.30 and subsequently $17.80 could be extremely bullish for the metal. Please note that fibonacci 0.618 resistance is at $16.86 levels and sloping resistance line is also passing through the same region. A bearish reaction there should be watched closely for potential reversal.
Book partial profits on long positions taken earlier, move stop to break even on the remaining. The target is open.
The material has been provided by InstaForex Company – www.instaforex.com