Technical outlook and chart setups:
Silver is seen to be trading around the sub-level of $16.00 at the moment and is still holding within the fibonacci 0.618 support region. The metal has produced tweezer bottoms earlier and is preparing to rally further towards a fresh high. It is recommended to initiate long positions now with risk around $15.30. Immediate support is seen around the level of $15.80 followed by $15.30 and lower, while resistance is seen at $16.50/60 (interim) followed by $17.40/50, $18.40/50, and higher respectively. Bulls are poised to push prices higher until they remain above the level of $15.30.
Trading recommendations:
Initiate long positions. Stop $15.30, a target is open.
Good luck!
