Technical outlook and chart setups:
1. Silver has completed its corrective fall from $22.30 levels at sub $20.00 levels as expected. This region is also re-enforced by the fibonacci 0.618 support as seen here. Till the time prices remain above $19.00 levels, expect the metal to print higher highs and higher lows. It is therefore recommended to remain long, risk is at $19.00.
2. Immediate support is at $19.00, followed by $18.75 and lower, while resistance is at $21.70, followed by $22.30 respectively.
3. The structure indicted that bulls should resume rally towards $24.00/25.00 levels soon enough. Immediate support at $19.00 should hold for bullish structure to remain.
Trading recommendations:
Remain long, stop is at $19.25, target is open.
Good luck!
