Technical outlook and chart setups:
Silver has remained in a trading range between $15.50 and $16.30 levels since mid December 2014. Please note that the metal has been bouncing off the fibonacci 0.618 support around $15.50 levels and it is expected to hold this support well. Immediate support is seen at $15.50 levels, followed by $15.00, $14.50 and lower, while resistance is seen at $16.40 levels, followed by $17.40/50, $17.80/18.00 and higher respectively. Please also note that $15.50 levels is also the right shoulder of the potential inverted head and shoulder formation and holding/adding long positions is favored for now.
Trading recommendations:
Remain long, also look to add further, stop at $14.25, target is open.
Good luck!
