Technical outlook and trade setups:
1. Silver is seen to be trading in a range between $19.00/05 and $19.70/80 levels as seen here. The metal is poised to test the resistance zone again around $19.90/20.00 levels. A break above it shall be extremely positive and encouraging for bulls and push further towards $20.50 and higher levels. On the flip side, a break below the $19.00 region would test $18.00 and even lower levels. Recommendations for now is to remain long with risk below $18.40/50 at least.
2. Support is at $18.90, followed by $18.75, $18.00 and lower while resistance is at $20.00/40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver needs to break the trading range to determine the next direction. Probabilities remain both sides for now with a slight bullish bias looking at the weekly chart.
Trading recommendations:
Remain long for now, stop at $8.20/30, target is open.
Good luck!
