Technical outlook and chart setups:
Silver looks to have finally bottomed out at $15.60 level, before turning higher. The metal is seen to be trading at $15.90 level at this moment and seems to have found support at $15.80 level, which is fibonacci 0.618 level of the entire rally as depicted here. Ideally, the metal should remain above $15.60 level going forward and should immediately target $17.20 level, if not higher. Please note that similar to Gold, the metal is carving out a counter trend rally which is likely to terminate above $21.13 level in the next few months. A break of $17.20/30 resistance would confirm that bulls are in control and every dip after that should be considered as an opportunity to go long. It is recommended to remain long now with risk around $15.00 levels. Immediate support is seen at $15.60/70 levels, while resistance is seen at $17.20/30 levels respectively.
Trading recommendations:
Remain long now, stop around $15.00 levels, a target is at $17.30.
Good luck!
