Technical outlook and chart setups:
Silver has yet again bounced off the support region around $15.50 levels as expected last week. The metal is currently trading at sub $16.00 levels and is poised to rally beyond $16.50 as immediate short-term target. Immediate support is seen at $15.50 (interim), followed by $14.50 and lower while resistance is seen at $16.40/50, followed by $17.20/30, $17.40/50, $17.80/18.00 and higher respectively. As discussed earlier, silver might have carved a right shoulder of a potential inverted head and shoulder reversal at $15.50 levels. If this structure holds true, the metal will rally past $18.00 and $23.00 levels pretty soon.
Trading recommendations:
Remain long, stop at $14.25, target is open.
Good luck!
