Technical outlook and chart setups:
1. Silver is heading lower as per expectations. It is recommended to initiate long positions at $20.00 levels, which is also fibonacci 0.618 support for the entire rally from $18.75 to $22.30. Also the past resistance turned support criteria has been met at $20.50.
2. Immediate resistance is the $23.00 level, while supports are now at $20.00, followed by $19.00, $18.75 and lower respectively.
3. The structure reveals that Silver is heading towards bottom formation at $20.00 levels. It is recommended to initiate long positions towards at least $25.00 levels from there on.
Trading recommendations:
Flat for now. Look to buy around $20.00.
Good luck!
