Technical outlook and chart setups:
1. Silver is preparing pullback towards $21.70/80 levels from here. It is recommended to initiate short positions there, with risk around $22.50. A meaningful retracement is expected lower towards $20.50/00.
2. Immediate resistance is at $22.20/30 (intermediary), followed by $23.00, while supports are spread through $20.50/00 (fibonacci retracement), followed by $19.00 and lower respectively.
3. The structure reveals that Silver is expected to counter rally towards atleast $21.70/80 levels from here and then lower towards $20.50/00. Past resistance turned support region is of interest at $20.50.
Trading recommendations:
Initiate short positions at $21.70/80, set stop at $22.50, target is at $20.50.
Good luck!
