Technical outlook and chart setups:
Silver has pushed higher through the intermediary trend-line resistance around the level of $15.45 as seen on the chart. The metal is trading at $15.35 now looking for an opportunity to drop lower towards the major downtrend. Please also note that the Fibonacci 0.618 resistance of the drop between $16.35 and $13.60 is also passing through the same levels. A bearish reaction is expected here for a continued drop towards fresh swing lows. On the flip side, a push above the level of $16.35 would confirm that the metal is reversing its trend. It is recommended to remain flat and watch for a reaction at current levels. Immediate support is seen at $14.90, while resistance is seen at $16.35.
Trading recommendations:
Remain flat now looking for an opportunity to go short again on a bearish reaction.
Good luck!
