Technical outlook and chart setups:
The 4H chart shows that the metal has drifted lower to sub 19.20 levels today before pulling back. Immediate resistance level is the 20.25/50 region, followed by 21.00 and 23.00; while support is at sub 19.00 levels followed by 18.00. It is recommended to sell intraday rallies for now and refrain from buying. Silver has shown resilience by not breaking lower to 19.00 levels and hence showing divergence to Gold. It is recommended not to commit, aggressive buying or selling at this moment. A clear break of 19.00 and subsequently 18.00 would be required to shift focus towards 16.00 and 17.00 levels.
Trading recommendations:
Flat for now. 20.50 is resistance.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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