Technical outlook and chart setups:
Silver is moving higher and is seen to be trading around the levels of $16.06. The metal, if trades above $16.10, could move through the levels of $16.50/60 before performing a meaningful correction. It is hence recommended to remain flat and watch for the metal to correct lower before placing long positions again. Immediate support is seen at $15.30 followed by $15.00, $14.40, and lower, while resistance is seen at $16.40/50 followed by $17.50 and higher.
The material has been provided by InstaForex Company – www.instaforex.com