Silver continued to decline to reach near $16.50 per ounce which is a major support where if breached will continue to drop to 16.35. The metal seems to be oversold and technical indicators are adjusting to show a possibility for reversal today.

The trading range is among the key support level at 16.20 and the key resistance level at 17.20.

The general trend is to the upside as far as 13.20 remains intact; targets are set at 22.00 and 25.00.












Support16.5016.3516.2016.1115.92
Resistance16.70 16.81 16.93 17.10 17.20

Recommendation

Buy silver above $16.50 with a target at $17.20 stop loss below $16.30