Technical outlook and chart setups:
Yesterday, Silver passed the level of $16.00 as it was expected, and has finally produced a bullish morning star candlestick pattern. Moreover, the buy signal has appeared at a fibonacci 0.786 support as depicted here. A push through the levels of $16.80/$17.00 would confirm that the metal is moving towards the level of $21.00. It is still recommended to remain long and look to add on intraday dips from here, risk remains at $14.00. Immediate support is seen at the level of $14.00 while resistance is seen at $16.80/17.00 respectively. Bulls are poised to remain in control untill the price stays above the level of $14.00.
Remain long, stop at $14.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com