Silver futures (/SI) have just hit the first pullback target of 16.335 for a quick 1.7% gain or about $1,400 per /SI contract from where /SI was posted backtesting the wedge early today. Active traders might opt to reverse from a short to a long here to attempt to game the initial reaction off that support level , lower stops to protect profits or just book profits here, go flat & wait to see if /SI takes out that 16.335 support with conviction soon, which would open the door for a move down to the 16.20 target/support. Previous & updated 60-minute charts below.
SI 60-min July 25th
SI 60-min 2 July 25th