Technical outlook and chart setups:

Silver has produced an engulfing bullish reversal candlestick pattern on the 4H chart as seen here. This could just be an indication of a potential reversal but could be confirmed only on a break of $16.20/30 levels. Resistance is seen at $16.20/25 levels, followed by $17.40/50, $17.80/18.00 and higher up, while support is seen at $14.60 respectively. It is still recommended to remain on sidelines. Bulls should manage to take prices at least towards $16.20/30 levels, before a reversal could be confirmed. On the flip side, a break below $15.00 could easily take prices to $14.60 levels of not lower.

Trading recommendations:

Remain flat for now.

Good luck!