Silver has retreated after making a high of $16.66. Intraday trend is weak as long as $16.35 (200 day 15 min MA) Holds.
On the upside any break above $16.35 would extend gains till $16.68/17 in short term.
The commodity short term support is around $16 and any break below will drag the commodity further down till $15.50/$15.
Indicators (1 Hour chart)
CCI (50) - Sell
Woodies CCI (14)- Sell
Ichimoku - Sell
Recommendation: Sell Silver around $16.05, SL $16.35, Target $15.10.
On the upside any break above $16.35 would extend gains till $16.68/17 in short term.
The commodity short term support is around $16 and any break below will drag the commodity further down till $15.50/$15.
Indicators (1 Hour chart)
CCI (50) - Sell
Woodies CCI (14)- Sell
Ichimoku - Sell
Recommendation: Sell Silver around $16.05, SL $16.35, Target $15.10.