Silver Update>>>>>>>> The precious metals sector has declined sharply in recent weeks with no pause or intermittent breaks in the decline. Including today, Silver is down seven consecutive days . The sector is extremely oversold in the short term and a reflex rally could begin in the next few days. While Gold and silver bugs should get temporary relief, the larger picture remains quite bearish.
Congesstion Area>>>>>>>>> in green zones.
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Technical outlook and chart setups: Silver broke out the line of immediate resistance earlier and has also back tested the level of $14.20 today. A potential engulfing bullish candlestick pattern is seen in the 4H chart. Yesterdays' lows hold well. A rally can unfold pushing prices towards $14.60 and $14.90 levels respectively. Bulls should remain poised to stage a rally from the current level of $14.25, $14.18 stays intact. It is recommended to hold long positions and look for an opportunity to add further with risk around $14.00. Immediate support is seen at $14.00, while resistance is seen at $14.45/50.
Trading recommendations: Remain long with stop at $14.00, a target is at $16.60 and $14.90. Good luck!