Technical outlook and chart setups:
Silver has bounced off as expected ahead of $16.00/20 levels yesterday. The metal is seen to be trading comfortably above $16.50, and looks to be poised to push through extensions at $19.90 and $20.80 respectively in the sessions to come. As depicted here, the metal has bounced off the trend line support and also fibonacci support (convergence) around the $16.30/50 region. Immediate support is seen at $16.20, followed by $15.50 and lower while resistance is seen at $17.40/50 (interim), followed by $18.50, $18.90 and higher respectively. It is strongly recommended to retail long positions.
Trading recommendations:
Remain long, stop at $15.50, a target is open.
Good luck!
