Technical outlook and chart setups:
Silver is also seen to be stalling at fibonacci 0.50 resistance around $16.00/10 as discussed earlier. The metal is trading around the level of $15.80 looking for an opportunity to correct further lower before turning bullish again. As we can see here, a resistance trend line was broken and a drop to $15.00 could provide interim support. It is hence recommended to remain flat and watch for further bullish evidence. Immediate support is seen at $15.50 followed by $15.00 and lower while resistance is seen at $16.40/50 followed by $17.50/60 and higher.
Trading recommendations:
Remain flat for now.
Good luck!
