Technical outlook and chart setups:
A daily chart view has been presented here for recent down swing view and resistance levels. Immediate resistance is seen at 23.00 level, followed by 25.00 and higher; while support is at 18.00 and 17.00 respectively. At present, it looks to be consolidating between 18-19 levels and a possible reversal signal is awaited. Watch out for a bullish reversal signal appearance on a 4H or Daily chart view. A likely head and shoulder reversal setup has been depicted on the chart here. Silver should rally towards 23.00 levels and then retrace down towards 21-22 levels to enter aggressive buying position.
Trading recommendations:
Flat for now. Awaiting for clear buy signal.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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