Technical outlook and chart setups:
Silver is looking to push higher up towards the next resistance level at 24.80/25.00. It is recommended to exit short positions for now and remain flat. A major reversal structure could be unfolding at the moment and a push through 24.80 would confirm the same. The metal would turn to buy on dips from there on. Int support is 22.25 and below that is 19.00; while resistance is 25.00. On the flip side, a failure to break the recent swing highs at 23.60 would again bring back bears into action and we shall consider initiating short positions again.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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