Technical outlook and chart setups:
Silver continues to drop lower for now and should be supported around $16.00 levels which is fibonacci 0.618 of the entire rally from $15.30 to $17.40 levels respectively. Immediate support is seen at $16.68 levels followed by $15.80, $15.30, and lower while resistance is seen at $17.50/60 followed by $18.50/60 and higher respectively. The metal can push higher through the levels of $17.40/50 from here on before producing a meaningful retracement. Look for lower levels to initiate long positions again.
Trading recommendations:
Remain flat for now and look to buy lower again.
Good luck!
