Technical outlook and chart setups:
Silver has tested the range lows at sub $17.00 levels again. Please note that it is also at the fibonacci 0.618 support (sub $17.00 levels). The metal could be preparing to rally from current price levels up to $18.50 in the days to come. Hence recommendations are to remain long, risk is below $16.60 for now. Support is seen at $17.00, followed by $16.60 and lower, while resistance is seen at $18.00 levels, followed by $18.80/19.00 and higher respectively. Bulls could be determined to take control back till prices remain above $16.60 .
Remain long, set stop at $16.40, target is open.
The material has been provided by InstaForex Company – www.instaforex.com