Technical outlook and chart setups:
Silver has rallied back up to $16.90/95 levels for now, after printing lows around $16.70/80. The metal had broken below the immediate line of support earlier but now has enough space to rally towards $17.50/60 levels at least. Immediate support is seen at $16.20 levels, followed by $15.30, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively. The metal should be well supported around $15.50/60 levels, if prices manage to reach there and recommendations are to initiate long positions then.
Trading recommendations:
Remain flat for now, look to buy lower.
Good luck!
