Technical outlook and chart setups:
Silver remains sideways since last several trading sessions. Further implications would be a break higher towards 26.00/50 or towards 21.00/50 level. It is recommended to remain long for now on positions taken earlier, but refrain from taking fresh longs. The strategy would be to initiate fresh long positions above 24.00 level, targeting 26.00/50. Daily chart view suggests that prices are quite in the oversold territory and at least a relief rally towards 26.00 level remains high probability. Please also note that 26.00 level is also defined by the past support turned resistance, hence it remains an excellent selling opportunity if prices reach there. Bottom line: Bullish in the short term, towards 26.00 level.
Trading recommendations:
Hold long positions for now, stop is below 22.00, and targets are at 25.00 and 26.00.
Good luck!
