Technical outlook and chart setups:
Silver hit the $17.70 mark yesterday before pulling back into $17.20/25 levels as seen here. The metal had earlier produced an engulfing bullish candlestick pattern, indicating a rally ahead. Looks like the first leg is complete at $17.70 levels, expect a pullback towards $16.90/17.10 levels before the next leg of rally resumes. It is good to book partial profits now and look to enter again at lower levels. Immediate support is seen at $16.60 levels while resistance is at $18.00 levels respectively. Please also note that the immediate resistance line has been broken and bulls could remain in control for now.
Trading recommendations:
Book partial profits, again look to enter at $17.00 levels, stop at $16.40, target is open.
Good luck!
