• Silver has retreated after making a high of $17.40 and overall trend is till bullish as long support $16.19(20 day MA) holds.
  • On the downside any close below $16.19 will drag the pair further down till $16/15.50 in short term.
  • The commodity is facing resistance around $17.40 and break above would extend gains till $17.80/18.40.

Indicators (Daily chart)

CCI (50) – Buy

CCI (14) – Buy

CCI (14)- Buy

Recommendation: Buy Silver around 16.70, SL 16.18, Targets $17.40/$18. 

The material has been provided by InstaForex Company – www.instaforex.com