Technical outlook and chart setups:
1. There is no change in Silver from yesterday. Prices have cooled off the $21.20/30 levels, as expected. Minimum expectations from here is $20.00/50 levels. It is recommended to remain short, risk remains at$21.70/80. Please also note that the fibonacci 0.618 support is also at $20.00 levels making it an optimum buy entry on a bounce.
2. Immediate resistance is at $21.70/80 and $22.20/30 (intermediary), while strong resistance is at $23.00. Supports are spread through $20.00/50, followed by $19.00 and lower respectively.
3. The structure remains unchanged and suggests that Silver is on its way to form bottom around $20.00 levels before beginning the next bull run.
Trading recommendations:
Remain short, stop is at $21.70/80, target is $20.00.
Good luck!
