Technical outlook and chart setups:
Silver has also pushed higher today and is seen to be trading at $16.70 levels at this moment. Please note that the metal is facing resistance at the Fibonacci 0.382 retracement levels of the drop between $18.00 through $15.80 levels respectively. It is still possible that the metal will pushe higher towards $17.00/20 levels, which is the Fibonacci 0.618 retracement level, before turning lower. It is hence recommended to prepare to initiate short positions from the current levels or from $17.00/20 levels, with risk above $18.00 levels. Immediate support is seen at $16.25 levels, while resistance is at $17.20 levels respectively.
Trading recommendations:
Remain flat for now. Look to go short after bearish confirmation.
Good luck!
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