Technical outlook:
Silver also seems to break a major top just above $30.00. The metal sharply reversed towards $23.40 soon after hitting $30.00 highs. It is seen to be trading around $28.00 at the moment of writing and it is expected to resume lower again. Ideally, Silver should stay below $30.00, but a break higher would keep the bearish structure intact. Immediate resistance is around $28.00, while support is seen at $23.40. A break below $23.40 would certainly confirm the trend reversal. The entire boundary between $11.63 and $30.00 could be retraced and Silver could reach the $18.50/19.50 levels or drop even lower.
Trading plan:
Remain short for now, stop is above $30.00, target is open.
Good luck!
