Technical outlook and chart setups:
Silver remained just shy of $16.00 level yesterday and bounced off $16.15 level. The metal is seen to be trading at $16.40 level at this moment and seems it has formed a meaningful low yesterday. The wave structure reveals that the metal could be underway to push higher through $16.60 and subsequently above $17.40 level going forward. On the flip side, a break below $16.00 level should be encouraging to bears and would open doors for a test of $15.00 levels. It is recommended to remain long for now, with risk at $15.50 level. Immediate support is seen at $16.00 level, while resistance is at $17.40 level.
Trading recommendations:
Remain long for now, stop at $15.50, a target is open.
Good luck!
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