Technical outlook and chart setups:
Silver is breaking out if the immediate line of resistance around $17.20 levels. The metal had raised through the $17.60 levels yesterday before pulling back towards $17.20. Also note that Silver is bouncing off the backside of resistance turned support line at the moment. A bullish follow through here would see prices rallying through $18.20 levels at least. Immediate support is at $16.70 levels, while resistance is seen at $18.00 levels and higher respectively. It is recommended to remain long for now, risk remains at $16.40. A break above $18.40 would confirm that bulls are firmly in control.
Trading recommendations:
Remain long, stop at $16.40, target is open.
Good luck!
