Technical outlook and chart setups:
Silver rallied to fresh highs at $16.13 levels on Friday before dropping lower. The metal is seen to be trading at $15.70/75 levels for now, might be looking to hit another high around $16.30/40 levels, before reversing. It is recommended to remain flat for now, and watch out for a bearish confirmation around $16.30/35 levels before committing to short positions again. Immediate resistance is seen at $16.35 levels for now, while support is at $15.20 levels respectively. A push below $15.20 levels would confirm that a meaningful top is in place. Until then, there is still room for a push higher.
Trading recommendations:
Remain flat for now, looking to go short again.
Good luck!
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