Technical outlook and chart setups:

Silver had also pushed higher towards $17.86 levels yesterday and remained shy by just a couple pips from previous highs. The metal is seen to be trading at $17.68 levels for now, looking to correct lower towards $17.60/65 levels before resuming higher again (please note that the chart was prepared a few hours back and hence the drop has already been realized). The metal seems to have formed interim lows at $17.51 levels, and it should hold well if the bullish structure is to remain intact. As an alternate though, if prices drop below the trend line support as depicted here, the metal could be heading to test $17.30 levels at least. The wave structure indicates that the metal is poised to produce a counter trend rally this week and terminate around $18.50 levels. A turn lower from there would push prices lower towards $16.50 levels before resuming rally. It is recommended to remain flat for now and look for opportunities to short again on rallies; aggressive traders please remain long with risk at $17.30 levels. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.30 levels respectively.

Trading recommendations:

Aggressive traders may remain long, with stop at $17.30 and targeting $18.50 at least. Conservative trade setup would be to go short on rallies towards $18.50 levels.

Good luck!