In hourly it has formed a double bottom around $16.25 and slightly recovered from that level. Intraday trend is bullish as long support $16.20 holds.
On the upside minor resistance is around $17 and any break above will target $17.40/$17.70.
The silver minor support is around $16.20 and break below will extend loss to $15.50/15.
Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy Silver around $16.70, SL $16.20, Target $17.40.
On the upside minor resistance is around $17 and any break above will target $17.40/$17.70.
The silver minor support is around $16.20 and break below will extend loss to $15.50/15.
Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy Silver around $16.70, SL $16.20, Target $17.40.