Technical outlook and chart setups:
Silver drops to fresh lows at $16.60/65 levels today and is now seen trading at $16.75/80 levels. The metal is seen trading around the fibonacci 0.786 support, of the rally from $8.00 to $49.00, at $17.20 levels. Immediate support is seen at $16.30/40 levels (according to weekly chart), followed by $14.00 and lower, while resistance is seen at $20.00, followed by $22.00. The metal is soon approaching support around sub $16.00 levels and turn around could be near. It is recommended to wait for a bullish reversal signal on the daily chart view at least to enter long positions again.
Trading recommendations:
Remain flat for now. Watch out for a bullish reversal at current levels.
Good luck!
