Technical outlook and chart setups:
Silver had dropped to expected levels ($16.00/15.80 SEE 4 hourly charts ) yesterday before pulling back. This could be a final drop before a rally resumes towards $18.20/50 levels in the coming sessions.
Bulls should be in control till prices stay above $15.60 and $15.30 levels subsequently.
It is recommended to initiate fresh long positions here, with a risk below $15.30 levels. Immediate support is seen at $15.60 (interim), followed by $15.30 and lower while resistance is seen at $17.40/50 (interim), followed by $18.40/50 and higher respectively. Trading recommendations: Initiate fresh long positions around $16.20/25, stop at $15.60.
BREAK OUT >>>> Break Out Direction is UP
A target is open T1 16.70 and T2 17.20 T3 18.20
Good luck!
Silver had dropped to expected levels ($16.00/15.80 SEE 4 hourly charts ) yesterday before pulling back. This could be a final drop before a rally resumes towards $18.20/50 levels in the coming sessions.
Bulls should be in control till prices stay above $15.60 and $15.30 levels subsequently.
It is recommended to initiate fresh long positions here, with a risk below $15.30 levels. Immediate support is seen at $15.60 (interim), followed by $15.30 and lower while resistance is seen at $17.40/50 (interim), followed by $18.40/50 and higher respectively. Trading recommendations: Initiate fresh long positions around $16.20/25, stop at $15.60.
BREAK OUT >>>> Break Out Direction is UP
A target is open T1 16.70 and T2 17.20 T3 18.20
Good luck!