Technical outlook and chart setups:
Silver has reversed lower for the third time from the $16.00/10 levels (a rising wedge formation) as depicted here. The metal should accelerate towards the $15.00 levels after it breaks below the interim support line passing through the $15.75 levels for now. It is hence recommended to fix profits on all long positions held and remain flat for a corrective dip. Immediate support is seen at the $15.70 levels (interim) followed by $15.40, $15.00 and lower, while resistance is seen at the $16.40/50 levels followed by $17.50/60 and higher.
Trading recommendations:
Fix full profits on long positions and remain flat.
Good luck!
