Technical outlook and chart setups:
1. Silver seems to have bottomed out at $18.90 levels last week. The current fall from sub $20.00 levels looks to be retracement which is complete at $19.00/20 levels. Please, note that the fibonacci 0.618 support is passing through the same region as well. Currently, the bullish momentum is keeping strong. It is recommended to hold long positions, risk is below $18.40/50.
2. Support is at $18.90, followed by $18.75 and lower while resistance is at $20.40, followed by $21.70/80, $22.30 and higher respectively.
3. The structure indicates that Silver is set to stage a rally towards the resistance levels at $20.40 for now. Only a break below $18.90 levels would prove to be bearish for the metal.
Trading recommendations:
Remain long, stop at $18.00/20, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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