Technical Outlook and Chart Setups:
A daily view is presented here to provide a more detailed outlook. As discussed yesterday, the counter trendline broke down and the short positions were triggered. At the moment silver is retracing/pulling back the declines made yesterday. 33.90 is immediate resistance followed by 34.30/40 and 35.10 respectively. As long as the prices are below 33.90, they are headed south. Intermediary support is at 32.00 (this level still remains the key for the bulls to stay in control), followed by 30.50. A break there will focus on 29.00/30.00 levels before the next bull run begins. Looking lower for now.
Trading Recommendations:
Stay short from positions taken yesterday. Stop is at 33.90. Target is at 30.00.
Good Luck!
