Technical outlook and chart setups:
Silver could be seen trading in a subdued range between $16.30 and $16.60 levels recently. The metal is expected to drop in a corrective manner into $15.30/50 levels at least before the rally resumes. Bulls had taken out immediate resistance at $16.70 earlier and a drop towards $15.30 may be a potential right shoulder formation of an inverted head and shoulder, before the rally resumes further. Bottom line is that $14.50 support should hold for now. Immediate support is seen at $15.30/50, followed by $14.50 and lower while resistance is $16.80 (interim), followed by $17.40/50, $17.80/18.00 levels and higher respectively.
Trading recommendations:
Looking to buy at lower levels around $15.30.
Good luck!
