Technical outlook and chart setups:
1. Silver is possibly forming the bottom around the $19.50 levels as seen here. Please, note that the metal is in between fibonacci 0.618 and 0.786 support levels of the rally between $18.60 and $21.60. A bullish reversal is a high probability at the current levels.
2. Support is seen at $19.40, followed by $19.00, $18.60 and lower, while resistance is seen at $20.10/20 (interim), followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver is looking higher up.
Trading recommendations:
Remain long, stop below $19.40, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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