Technical outlook and chart setups:
Silver re-tested resistance at $15.80 yesterday before pulling back in a sharp manner. The metal is seen to be trading lower at $15.30, looking for an opportunity to push further towards the levels of $14.50 before turning bullish. The metal might be unfolding into a flat corrective structure at the moment and could terminate the level of $14.50 to complete the same. Bears are expected to remain in control until prices stay below $15.80/90. It is hence recommended to hold short positions, with risk at $15.90. Immediate resistance is seen at $15.80, while support is found at $15.10/15.
Trading recommendations:
Remain short with stop at $15.90, a target is open.
Good luck!
