Technical outlook and chart setups:
The metal is retracing at the moment, in tandem with gold. But looking into the overall structure, it is unlikely that silver would print a fresh low before reversal. Resistance is just above 23.00, followed by 24.50, 27.50 and higher; while supports are seen at 21.30 (the Fibonacci 0.618 support for the entire rally from 20.00 to 23.00), followed by 20.70 and 20.00 respectively. It is recommended to remain flat for now and enter buying around 21.20/40 levels. The metal is drifting sideways for now and a break below 22.00 would extend towards 21.30 quickly.
Trading recommendations:
Flat for now. Looking to buy around 20.30 again.
Good luck!
