Technical outlook and chart setups:
Silver has been trading into the buy zone, after breaking above the immediate line of resistance earlier. The metal has been in a trading range since then between $16.90 and $17.20, as seen here. A push higher above $17.30 levels from here could test $17.40/50 levels at least before a meaningful retracement can take place. It is recommended to remain flat for now and look to buy at lower levels instead. Immediate support is at $16.90 (interim), followed by $16.20, $14.50 and lower, while resistance is seen at $17.40/50 levels, followed by $17.80/18.00 and higher respectively.
Trading recommendations:
Remain flat for now. Look to buy lower.
Good luck!
