Technical outlook and chart setups:
1. Silver has bounced off the $20.50/60 mark, which is also the 0.382 fibonacci support of the entire rally from sub $19.00 levels to $22.30. As seen here the counter trend line is still intact and only a bullish break above would instill further confidence in the current rally. At the moment, it is recommended to hold short positions and also look to add further around current level ($21.20/30).
2. Immediate resistance is at $21.75/$22.30 (intermediary), followed by $23.00, while supports are spread through $20.50, followed y $20,00, $19.00 and lower respectively.
3. The structure reveals that Silver is retracing towards $20.00 region in a corrective manner. Short term trading strategy should be selling rallies.
Trading recommendations:
Remain short, move stop to break even levels, target is at $20.00
Good luck!
