We don’t trade Gold or Silver, but we have been tracking these two precious metals as part of our market study.
Silver (XAG) is currently at 17.82, and it has rebounded very nicely from its lows of 11.30 in March 2020. The long term chart of Silver over last 5 years is full of failed breakouts and we feel you should take profits between 18-19, and step aside for another unknown negative news that will break the hearts of Silver bulls (like so many times in last 10 years) and buy back your positions/contracts on next correction around 16.
Silver will have a breakout above 20 for target 25, but till then its suitable for trading between 14 and 20, using the weekly charts, which show the full picture clearly. There is strong support at 14, which must be used if the price goes there for any reason.
The most reliable and repeatable trades in Silver have been to buy between 14-16 for target 17-19. Buy on corrections, take 3-4 dollars in profit, thank God for the blessings, and step aside for the next trade.
P.S. When we look at last 10 years in Silver, we feel that our decision to focus on S&P500 (ES) and Nasdaq100 (NQ) futures was correct, because we could produce a lot more gains in those equity index futures with the same trading effort.