Technical outlook and chart setups:
Silver made yet another low at $16.35 levels yesterday barely hitting stops placed at $16.40 levels. Both precious metals are diverging at the moment (Silver is making a low while Gold is not). This could be an early indication of a major reversal. Support (interim) is at $16.00, followed by $15.60 on the weekly chart, while resistance is seen at $17.60, followed by $17.80/18.00, and higher respectively. It is recommended to remain flat for now and await for a bullish reversal/confirmation. Traders should refrain from going short on Silver at current levels. A break of $17.60 on the top side would confirm a reversal now.
Remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com