Technical outlook and chart setups:
Silver has been testing the support region of a 15 month consolidation range around $18.60 levels as seen here. The metal is trading at $18.62/65 levels at the moment and a bullish bounce on the daily chart view would warrant a potential reversal. On the flip side, a break below the support region ($18.50) would be extremely bearish for the metal and could fallback towards $17.00 and even lower. It is still recommended to remain flat and await a clear trading signal around current levels. Support region is between $18.20/50, while resistance is at $20.00, followed by $20.50, $21.50 respectively.
Trading recommendations:
Remain flat for now, look for a bullish reversal on daily charts.
Good luck!
