Technical outlook and chart setups:
1. Silver prints yet another low below $18.90 yesterday before pulling back to $19.00 near close. The metal still holds sub $18.00 levels and a bullish revival still remains probable. Furthermore, divergence is also seen on smaller time frames. At least $19.90/20.00 levels need to break on the higher side to confirm a pullback or bullish reversal.
2. Support is at sub $18.00 levels, while resistance is seen at $19.90, followed by $20.40, $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver could recover on higher side till $18.00 levels remain intact. However, a break there could prove to be extremely bearish and drag prices towards $17.00 and $16.00 levels as well.
Trading recommendations:
Remain flat for now OR aggressive trade setup is to remain long, stop is at $18.00, target is open.
Good luck!
