Technical outlook and chart setups:
1. Silver is moving as per expectations and short positions might have triggered around $21.70/80 region. Minimum expectations are towards $20.50 level, before the bulls take back control. It is recommended to remain short for now, risk remains at $22.50.
2. Immediate resistance is at $23.00, followed by $23.30/50 and higher, while supports are spread through $20.50 (past resistance), $20.00, followed by $19.00 and lower respectively.
3. The structure indicates that bears are taking back control in their hands for a while now. Silver should remain well supported in the $20.50/20.00 region, for bulls to regain control.
Trading recommendations:
Remain short for a while, stop is at $22.50, target is between $20.50 and $20.00. Reverse positions there.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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