Technical outlook and chart setups:
Silver is trading lower, just around the $14.50 levels for now after testing the $15.00 levels earlier. The metal should remain in control of bears until prices stay below the $15.60 levels at least. Looking to the risk reward ratio, it is recommended to initiate short positions with risk at the $15.50 levels. Immediate support is seen at the $14.00 levels followed by $13.00, $12.00 and lower, while resistance is seen at the $15.60 levels followed by $16.50, $17.50/60 and higher respectively. Only a break above the $15.50/60 levels would turn the metal bullish.
Trading recommendations:
Initiate short positions, stop is at $15.50 levels, target is open.
Good luck!
