Technical outlook and chart setups:
Silver ralled through the past interim resistance around the level of $16.70 yesterday. The metal is expected to trace lower to $16.00 before resuming its rally. It is hence recommended to book profits on long positions taken earlier and look to buy at lower levels again. Immediate support is seen at $16.30 (the interim level), followed by $15.60, $15.30, and lowe,r while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively. Bulls should remain in control until prices stay above $15.60 from here on.
Trading recommendations:
Book profits on long positions taken earlier, and remain flat.
Good luck!
