Technical outlook and chart setups:
Silver is trading around $16.50 at the moment and is expected to find support at $16.00 before it resumes its uptrend. Please note that the level of $16.00 is also the fibonacci 0.618 support for the recent rally between $15.60 and $16.70. It is recommended to remain flat for now and look to enter buying lower around those levels. Bulls are expected to regain control around $16.00 if ut gets reached. Immediate support is seen at $16.30 followed by $15.80, $15.30, and lower. Resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively.
Trading recommendations:
Remain flat now.
Good luck!
