Technical outlook and chart setups:
Silver dropped lowed towards the levels of $16.80/85 as we expected yesterday. The metal is seen to be trading at $16.80 at the moment and is looking to resume rally higher. It is hence recommended to book profits on short positions and initiate long positions with risk around $16.50. Immediate support is seen at $16.50/60 followed by $15.80, $15.30, and lower, while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively. The metal is poised to rally either from current levels or from $16.00 region.
Trading recommendations:
Book profits on short positions and initiate long positions now, stop at $16.40/50, target is open.
Good luck!
