Technical outlook and chart setups:
Silver correction continues and it has reached the level of $16.45, which is Fibonacci 0.382 support, before pulling back. The metal could still drift lower towards $16.00 around the Fibonacci 0.618 levels as depicted here. It is recommended to initiate long positions around the level of $16.00 with risk below $15.30 for now. Immediate support is seen at $15.80 followed by $15.30 and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively. A potential right shoulder is also seen to unfold at the level of $16.00.
Trading recommendations:
Remain flat for now, look for buying at $16.00.
Good luck!
