Technical outlook and chart setups:
Silver is trading at $16.17 levels for now after hitting lows at $15.89 levels yesterday. The metal bulls seem to be poised to take out $16.35 levels before producing a meaningful retracement. Structurally, the metal needs to retrace lower towards $14.60 levels at least before turning bullish again. Hence it is recommended to remain flat for now and wait for the pair to hit another high before preparing to go short again. On the flip side, a break below $15.90 levels would indicate that a meaningful top is in place and the pair is ready for a deeper correction. Immediate support is seen at $15.90 levels while resistance is at $16.35 levels respectively.
Trading recommendations:
Remain flat for now. Prepare to go short above $16.35 levels.
Good luck!
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