Technical outlook and chart setups:
1. Silver is probably on its way towards new highs from the current price action around $19.65/70. The metal has formed base at the $19.30/32 levels so far and the next leg higher is resumed now. Upside potential remains at least up to the $23.30 level in the coming weeks.
2. Support is seen at $19.30 (interim), followed by $19.00, $18.60 while resistance is seen at $20.30, followed by $21.30/70, $22.00 and higher respectively.
3. The structure indicates that Silver remains in control of bulls till prices stay above the $19.00/30.00 levels.
Trading recommendations:
Remain long, stop below $19.00, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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