Technical outlook and chart setups:
Silver is trading above the level of $16.09 again and it is expected to resume its rally soon. The metal had bounced off $15.80 on Monday and formed a bullish reversal. The follow through has been good until now and a push above the level of $16.20 is likely to be encouraging for bulls. It is recommended to remain long and look to add further on dips. Immediate support is seen at $15.80 followed by $15.30 and lower, while resistance is seen at $16.50 followed by $17.50, $18.40/50, and higher respectively.
Trading recommendations:
Remain long for now, stop at $15.30, a target is open.
Good luck!
