Technical outlook and chart setups:
Silver is trading at the level of $16.68 after bouncing off Fibonacci 0.382 support earlier. The metal could resume rally from the current levels or after a drop lower towards the level of $16.00. It is recommended to initiate long positions between $16.40/$16.00 with risk at $15.00 respectively. There is a high probability of a drop into $16.00 before the rally resumes. 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. Bulls are expected to remain in control untill prices stay above the level of $15.00.
Trading recommendations:
Remain flat for now and look to buy at lower levels.
Good luck!
