Technical outlook and chart setups:
Silver produced bullish bounce from 0.618 Fibonacci support levels last week. At the moment, it is re-testing the same support level, before rallying towards 24.20/40 levels atleast. Intermediary resistance is at 25.00 level; while support is at 21.00 level respectively. A push lower would bring 20.40/50 levels into focus and a break there would turn extremely bearish. Overall structure suggests of a temporary rally (wave 3) into sub 24.00 level before turning lower again.
Trading recommendations:
Remain long, stop is below 21.00, target 24.50 at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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