Technical outlook and chart setups:
Silver is seen to be trading at $16.25 levels at this moment after bouncing off $16.15 levels. Please note that another low could be made around $16.00 levels before pulling back. Please make note that $16.00 levels is the Fibonacci 0.618 support of the rally between $14.80 and $18.00 levels. Also, the drop from $18.00 levels seems to be corrective in nature (3 waves) till now. Indicators (not seen here) are also pointing towards a bullish divergence on 4H chart setups. It is hence recommended to remain long and add further at $16.00 levels with risk at $15.50. Immediate support is seen at $15.80 levels, while resistance is at $16.60/70 levels.
Trading recommendations:
Remain long, add around $16.00, stop at $15.50, target is open.
Good luck!
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