Technical outlook and chart setups:
Silver rallied through $17.40 region yesterday before pulling back into the support zone around $17.10/20 levels as seen in the 4H chart view presented here. Bulls are expected to remain in control till prices remain above $16.60/70 levels. The metal could be targeting $18.20/50 levels for now. Support is seen at $17.00, followed by $16.60 and lower, while resistance is seen at $18.00, followed by $18.50 and higher respectively. Having produced an engulfing bullish reversal pattern on October 06, 2014, the metal is expected to rally at least till $18.50 levels, if not higher.
Remain long, set stop at $16.40, target is $18.50.
The material has been provided by InstaForex Company – www.instaforex.com