Technical outlook and chart setups:
The rally stalled just after 23.00 level, the other day, before silver falling back to 22.00 level. It is recommended to exit long positions taken earlier, now at 22.55/60. The lows printed at 20.00 level seem to be ideal according to weekly chart, but the current setups are indicative of further retracement towards 21.20/40 levels before rallying further. It also remains possible that the metal prints a low below 20.00 along with gold, before reversing for good. Immediate resistance is seen above 23.00 level for now, followed by 24.50 and higher; while support stands at 21.30/40 and 20.00 respectively. Only above 23.00 would bring into focus the bullish scenario. Flat for now, looking to buy if lower levels reached.
Trading recommendations:
Exit long positions and remain flat for now.
Good luck!
