Technical outlook and chart setups:
Silver has bounced off exactly from the level of $16.00 yesterday as we had forecasted earlier. The metal has produced an engulfing bullish candlestick pattern as seen here. Furthermore, it has received support from the fibonacci 0.618 level around $16.09. It is strongly recommended to remain long and look to add fresh positions at the current levels with risk at $15.50 for now. Bulls are poised to push prices higher towards at least $18.40/50 or further. Immediate support is seen at $15.80 followed by $15.30 and lower while resistance is seen at $16.70 levels (interim) followed by $17.30/40, $18.40/50, and higher respectively.
Trading recommendations:
Remain long, stop at $15.30, target is open.
Good luck!
