Technical outlook and chart setups:
Silver is trading around $15.33 levels now, looking to for an opportunity to test recent highs, and reversing lower. The metal still holds around Fibonacci 0.618 resistance levels and should resume drifting lower from here. Also note that the resistance trend line is being re-tested right now, and bears can regain control until prices remain in the sell zone. It is hence recommended to remain short now with risk around the level of $15.70. Immediate resistance is seen at $15.45/50 while support is seen through $15.00. A breakout below $15.00 would accelerate further downside movement. Only a breakout above the trend-line resistance and subsequently above $16.35 would change the trend.
Trading recommendations:
Remain short now with stop at $15.70, a target is open.
Good luck!
