Technical outlook and chart setups:
Silver has dropped lower as expected, and is trading at $15.30 levels at the moment. But please note that the metal might still be poised to rally through $16.35 levels to complete its rally from $13.70 levels earlier. An alternate count could be a drop from here back into $14.50 levels, before resuming its uptrend (it is still a correction on long term structure). Please note that fibonacci 0.618 support for entire rally between $13.70 and $15.93 levels is also at $15.50 levels respectively. It is recommended to remain cautious on short side and take profits for now. We would initiate short positions again on a failure at $15.80/90 levels. Immediate resistance is seen at $15.80/90 levels while support is at $14.60 levels respectively.
Trading recommendations:
Please take profits on short positions taken earlier and remain flat.
Good luck!
