Technical outlook and chart setups:
1. Silver pulls back ahead of $23.00 level yesterday. It is recommended to use this fall as opportunity to initiate long positions around $20.50/00 levels. Aggressive trade setup is to initiate short positions around $21.80 region, risk is $22.50.
2. Immediate resistance is at $23.00, followed by $23.50, while supports are spread through $20.50, $20.00, $19.00 and lower respectively.
3. The entire structure reveals that Silver has formed an intermediary top at sub $22.00 levels now. Prices are expected to reach at least $20.50/00 in a corrective manner. Buying on dips should be the preferred trade strategy.
Trading recommendations:
Aggressive trade strategy is to sell around $21.80, stop is at $22.50, target is at $20.50.
Good luck!
