Silver is trading around $15.85 at the moment, looking for an opportunity to break higher. A push through $16.25/30 would confirm that the metal has hit a higher low at $15.75 and that it would continue moving towards higher highs and higher lows. It is still recommended to hold long positions with risk at $15.30. Immediate support is seen at $15.75 (interim) followed by $15.60, $15.30, and lower while resistance is seen at $16.40 followed by $17.20, $17.70, and higher respectively.
Trading recommendations:
Remain long for now, stop is at $15.30, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver is trading around $15.85 at the moment, looking for an opportunity to break higher. A push through $16.25/30 would confirm that the metal has hit a higher low at $15.75 and that it would continue moving towards higher highs and higher lows. It is still recommended to hold long positions with risk at $15.30. Immediate support is seen at $15.75 (interim) followed by $15.60, $15.30, and lower while resistance is seen at $16.40 followed by $17.20, $17.70, and higher respectively.
Trading recommendations:
Remain long for now, stop is at $15.30, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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