Technical outlook and chart setups:
1. Silver is seen to be testing the trend line support again around $19.70/80 levels. The metal is likely to bounce back from here looking into smaller timeframes. Till the time $19.00 levels remains intact, the bulls should remain in control. Recommendations are to remain long for now, risk is at $19.00.
2. Support is seen at $19.45/50 (intermediary), followed by $19.00, $18.75 and lower, while resistance is seen at $21.60/70, followed by $22.30 and higher respectively.
3. The structure indicated that Silver should remain in control of bulls above $19.00 levels. A break below would be extremely bearish though.
Trading recommendations:
Remain long, set stop at $19.00/25, target is open.
Good luck!
