After the appreciation of the US dollar and fall in prices of precious metals, silver has stabilized slightly and is trading in a sideward channel of 15.50-15.80. Tomorrow we will be informed of Fed's decision regarding interest rates, that are likely to remain the same, as well as of FED's comments on monetary policy that will be particularly interesting. If there is the slightest hint about a delay in raising interest rates, the dollar will be under pressure. No doubt, the bulls will try to take advantage of that and to get back above a level of 16.00 that coincides with 23.6% Fibonacci retracement. Technical indicators are pointing to a sideways trend, which allows us to trade from the borders of the channel.
Support and resistance
Support lines are at 15.50, 15.30, 15.15. Resistance levels are at 15.80, 16.00, 16.10, 16.25. The level of 16.00 will be key for the bulls. If they manage to consolidate above, they may return to previous highs.
Trade from the borders of the 15.50-15.80 channel with small Take-Profit. Long and short positions should be opened from the level of 15.30 and 16.00, respectively.