Technical outlook and chart setups:
Silver had reversed from $15.45/47 levels on Friday as expected and is seen to be trading lower at $15.18 levels at the moment. The metal has also broken past its counter trend line support as seen here, and could still test $15.30 levels (support turned resistance line), before turning lower. Please also note that the metal has reversed from fibonacci 0.50 of the drop between $15.90 levels and $15.12 levels earlier. The structure reveals that bears should remain in control till prices stay below $15.80/90 levels and push the metal lower towards $14.60 levels at least.It is hence recommended to remain short and also look to add further at $15.30 levels on a pullback, with risk at $15.60 levels for now. Immediate interim resistance is seen at $15.50 levels while interim support is at $15.12 levels respectively.
Trading recommendations:
Remain short for now, stop $15.60, a target is $14.60.
Good luck!
