Technical outlook and chart setups:
Silver looks to be setting up to push higher towards $17.00 levels at least. It is recommended to hold remaining long positions taken earlier, risk remains below $15.40 for now. The metal maybe targeting $17.00 and subsequently $17.30 levels from here on. This could confirm that bulls are in control and further dips should be bought. On the flip side, a drop below $15.50 levels could be extremely bearish for the metal. Probabilities are stacked 60-40 towards higher side from the current level, though. Immediate support is seen at $15.90/16.00, followed by $15.20 and $15.00 levels while resistance is seen at $17.30/50, followed by $17.80/18.00 and higher respectively.
Remain long, stop at $15.20, the target is open.
The material has been provided by InstaForex Company – www.instaforex.com