Technical outlook and chart setups:
1. Silver raises past the $19.00 levels yesterday, as discussed earlier. The current rally could be still defined as a retracement/correction which is expected to reverse from around $19.40/50 levels towards lower levels. Recommendations are to remain long if bought yesterday or plan to short around $19.40/50 levels on a bearish bounce.
2. Support is seen at $18.60/70, followed by $18.20 and $18.00 while resistance is seen at $19.40/50, followed by $19.90/20.00, $21.70 and higher respectively.
3. The structure indicates that Silver could dip towards $18.50/60 levels immediately before rallying further towards $19.40/50
Trading recommendations:
Remain flat and look to sell higher.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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