Technical outlook and chart setups:
1. Silver is seen to be breaking out of trend line resistance as seen here. The confirmation is above $20.00 levels though. Recommendations for now is to remain short with risk around $20.40 levels.
2. Support is seen at $19.40, followed by $19.00, $18.60 and lower while resistance is seen at $20.40, followed by $21.70 and higher respectively.
3. The structure indicates that Silver might be turning bullish; a break of $20.40 would confirm though.
Trading recommendations:
Remain flat (conservative trade setups). OR remain short with stop at $20.40.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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