Technical outlook and chart setups:
1. Silver is testing recent swing lows at $19.20/30 levels again. The metal remains bullish till price stay above a level of $19.00. A successful test here should bring back the bulls into action again and drag prices towards $20.40 levels at least. On the flip side a break below $19.00 could be extremely bearish. High probability remains for bullish setup to resume, risk remains at $19.00.
2. Support is at $19.00, followed by $18.75, and lower while resistance is at $20.40, followed by $21.60/70, $22.30 and higher respectively.
3. The structure indicates that silver could still resume rally if $19.00 levels remain intact. A bullish reversal here should be encouraging for bulls.
Trading recommendations:
Remain long, stop at $19.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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