Technical outlook and chart setups:
A Daily chart view has been depicted here for a larger swing view and following can be noted here:
1. Past support turned resistance region is defined by 26.30/50 region.
2. Intermediary support is just above 22.00 (the recent lows); while resistance levels are 26.30/50, 27.80/90, 29.10/20, 32.30, and higher.
3. There is no clear bullish reversal signal on the Daily chart but small timeframes are hinting at a pullback/recovery towards 25.20 and 26.40 levels.
4. It should not be surprising to see prices remaining in a trading range for a while before accelerating gains. Still a bottom formation is possible between 20.00 and 21.40 levels.
Trading recommendations:
Initiate 50% of capacity now, stop is at 21.80, and targets are at 25.20 and 26.40.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Silver may be setting up for counter-trend rally towards 25.20 and 26.40 . Thanks for your support on Silver may be setting up for counter-trend rally towards 25.20 and 26.40
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