Technical outlook and chart setups:
Silver is seen to be trading around $15.30 levels for now after printing lows at $15.20 today. The metal has bounced off the Fibonacci 0.786 levels, of the drop between $16.35 and $13.60 levels respectively. Please note that the metal is forming an evening star bearish candlestick pattern on the daily chart view, indicating a potential reversal in a short term at least. However, bears need to break out $15.08 levels to confirm a deeper correction. Only a push above $16.35 levels would confirm the fact that silver has turned bullish on a long-term basis. Immediate support on a smaller time frame is at $15.00, while resistance is seen at $15.80.
Trading recommendations:
Remain flat for now and be ready to go short if reversal confirms. (around $15.70/80)
Good luck!
