Technical outlook and chart setups:
Silver is forming base around 20.00/21.00 levels. As depicted here, these levels are also re-enforced by the Fibonacci 0.618 retracement of the entire rally from 2008; the Fibonacci 61.8% extension levels of the fall from 49.00 to 34.00 in 2012; also this region coincides with the past resistance turned support as well. It is recommended to plan buying between 21.00 and 20.00 when base is formed on 4H and Daily chart setups. Please do not rush into buying at the moment as it may be a retracement. It is too early to predict a counter trend rally for now. Bottom line: Looking to buy clear buy signals between 20.00 and 21.00 levels.
Trading recommendations:
Flat for now. Looking to buy.
Good luck!
