Technical outlook and chart setups:
Silver seemed to form a bottom just ahead of the level of $16.00 yesterday and is bouncing off higher at the moment. The metal has confirmed a bullish morning star candlestick pattern on the 4 hour chart view, indicating a reversal from the current levels. It is still recommended to initiate long positions, with risk at $15.50. 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 poised to push prices higher towards the levels of $18.20/30 from here.
Trading recommendations:
Initiate fresh long positions, stop at $15.30, target is open.
Good luck!
