Technical outlook and chart setups:
Silver remained just shy of resistance at $18.00 levels yesterday, before pulling back. The fibonacci extensions are still pointing towards $18.10 and $18.35 respectively. Support remains at sub $17.00 levels, followed by $16.70 while resistance is at $18.00, followed by $18.80 respectively. It is still recommended to remain long with risk below $16.70. A push through $18.40 levels would confirm that the metal has entered buy zone of the sloping resistance trend line and that bulls could further remain in control. Only a break below $16.70 now should be a concern for bulls and delay matters further.
Trading recommendations:
Remain long, stop at $16.40, target remains open.
Good luck!
