Technical outlook and chart setups:
1. There is no change in Silver for now. Comfortably trading around $19.70/80 levels at the moment, it is recommended to hold long positions taken early this week, risk remains at $18.75. It is quite possible that the metal drifts between $19.20/30 and $20.00 before breaking higher.
2. Immediate support is at $19.00 (intermediary), followed by $18.75, while resistance is at $20.50 (intermediary), followed by $21.00 and $22.00 respectively.
3. The structure indicates that Silver may have formed a major bottom at $18.00/75.00 levels and the next leg should be higher towards $21.00/$22.00 from here on.
Trading recommendations:
Remain long, stop is at $18.50, target is open.
Good luck!
