Technical outlook and chart setups:
Silver has pushed higher towards $17.00/20 levels yesterday. The metal is trading close to its resistance placed at $17.40/50 levels which might be taken out before a meaningful pullback could be expected. On the other hand, a drop from current levels, could still keep the inverted head and shoulder setup intact and carve a potential right shoulder around $15.50/60 levels. Please note that $15.50/60 is also the fibonacci 0.618 support and a bullish reversal there should be aggressively bought. It is recommended to remain flat for now and look for a correction to enter long positions again. Immediate support is seen at $16.20/30 while resistance is seen at $17.40/50 respectively.
Trading recommendations:
Remain flat for now and look to buy lower.
Good luck!
