Technical outlook and chart setups:
1. Silver is again trading at sub $19.00 levels, just shy of $18.90 lows printed last week. A bullish bounce here could again test $19.80 levels. A break below $19.00 again could be extremely bearish though. A tweezer bottom formation is seen on the chart view here indicating a bullish probability from current levels. Recommendations are to remain flat for now.
2. Support is at $18.90 (interim), followed by $18.00 levels while resistance is at $20.40, followed by $21.70/80, $22.30 and higher respectively.
3. The structure indicates that Silver needs to hold sub $19.00 levels and subsequently rally past the $20.40 levels to confirm that bulls remain in control.
Trade recommendations:
Remain flat OR Aggressive setup is to remain 50% long with stop at $18.40/50.
Good luck!
