Silver posted a weekly negative close in the last week however, it recovered sharply in the later half of the week. The white metal found support near the lower end of the medium-term falling support. From thereon the commodity has entered a pullback mode. The short-term momentum indicator is showing positive divergence and is turning in favour of the bulls. Thus, the pullback is likely to stretch further. The key levels on the upside will be $16.44-16.57.

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