Technical outlook and chart setups:
Silver remains in the buy zone of immediate resistance line, while still in the sell zone of outer resistance line as seen here. The metal is seen to be trading around $17.15 levels for now and potential still remains to dip further into $16.90 levels before bouncing back. Support is seen at $17.00 levels, followed by $16.70 and lower while resistance is at $18.00 levels, followed by $18.80 and higher respectively. It the metal bounces (bullish) ahead of $16.80 levels,the bulls would again take control and push higher into $19.00 levels. On the flip side, a break below $16.80/90 would re-test $16.60/70 lows before bouncing back.
Trading recommendations:
Remain long for now, stop at $16.40, target is open.
Good luck!
