Technical outlook and chart setups:
Silver has tested resistance around the levels of $16.00 today before coming under pressure again. As depicted here, the metal could drop lower in a corrective way towards $15.00 before resuming its recent rally. The metal seems to be underway to form a bearish evening star candlestick pattern on the H4 chart. It is hence recommended to remain flat now and look for an opportunity to buy at lower levels again. Immediate support is seen at $15.40 (interim) followed by $15.00, $14.40, and lower, while resistance is seen at $16.40/50 followed by $17.40/50 and higher.
Trading recommendations:
Remain flat now and look for an opportunity to go long at lower levels.
Good luck!
