Technical outlook and chart setups:
1. Silver is trading in the sell zone of support line but $19.00 levels remain intact. The metal is consolidating in a decreasing cone format and hence a break below $19.20 would be extremely bearish and would threaten the potential uptrend setup as well.
2. Support is at $19.00, followed by $18.75 and lower, while resistance is at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver could possibly break higher only if $19.00 levels remain intact. A break below $19.00 would be extremely bearish for the metal.
Trading recommendations:
Hold long positions, do not initiate fresh longs, stop is at $18.90, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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