Technical outlook and chart setups:

Silver might be preparing to drop lower towards $16.00 before resuming rally. It is recommended to remain flat for now and look for buying at lower levels again. The metal has taken out initial resistance at $16.89 earlier and is expected to drop lower before pushing towards $17.50 and $18.00 subsequently. Immediate support is seen at the level of $16.60, followed by $15.80, $15.30 and lower while resistance is seen at $17.50 and higher respectively. Buying on dips could be a safe trading strategy for now.

Trading recommendations:

Remain flat for now and look to buy lower around $16.00.

Good luck!