Technical outlook and chart setups:
1. Silver had rallied through $21.20 levels yesterday before pulling back again. Looks like the metal is due for a corrective fall towards at least $19.50 levels before rallying further up. Recommendations are to remain short for now, risk remains above $21.60/70.
2. Support is seen at $20.00, followed by $19.50, $18.60, $18.00 and lower, while resistance is seen at $21.70, followed by $22.30 and higher respectively.
3. The structure indicates that Silver rally could be done at least for now and that the metal could correct towards $19.50/20.00 levels before rallying further up.
Trading recommendations:
Remain short, stop around $21.60/70, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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