Technical outlook and chart setups:
Silver is again seen to be bouncing off the wedge line support along with its 50-day moving average and is back above the $16.00 levels for now. The metal is expected to remain in control of bulls until prices stay above the $15.80 levels. It is hence recommended to initiate 50% long positions with risk just below the $15.80 levels. Immediate support is seen at the $15.80 levels, followed by $15.40/50, $14.40 and lower, while resistance is seen at the $16.40/50 levels, followed by $17.50/60 and higher. A break below the $15.80 levels could trigger a meaningful retracement lower towards the $15.00 levels.
Trading recommendations:
Initiate 50% long positions, stop is at $15.70, targets are $16.40/50 and $17.50.
Good luck!
