Technical outlook and chart setups:
Silver is seen to be trading at $16.20/25 levels for now, looking to drop lower towards $14.50/60 levels before turning bullish again. The metal is consolidating in a cone structure for now and is expected to break lower soon. The metal had taken out major resistance at $16.35 levels earlier and confirmed that buying on dips could be favored from here on. It is hence recommended to remain flat for now and look to buy lower OR remain aggressively short now with risk at $16.50 levels and then turn long. Immediate resistance is seen at $16.37 levels, while support is at $15.80/90 levels respectively. Bears are expected to regain control till prices remain below $16.37/40 levels.
Trading recommendations:
Remain short now, stop at $16.50, target open (aggressive trade setup).
Good luck!
