Technical outlook and chart setups:
Exiting short positions last week proved fruitful. Silver could be yet poised to challenge next resistance at 24.80/25.00 levels as depicted here in the daily chart. Immediate support is the 22.20/30 area, while higher resistance is 28.00. For the time, bulls are targeting 25.00 levels, before a strong pullback takes place. If long positions had been taken earlier, they can be held by moving stop to breakeven levels. Fresh long positions should be avoided for now. The overall wave structure could unfold an inverted "head-and-shoulder" after the 25.00 level is reached. Watch out for any dips after that for initiating fresh long positions.
Trading recommendations:
Flat for now.
Good luck!
