Technical outlook and chart setups:
1. Silver has rallied through the inner line of resistance and towards the outer resistance line around $19.88 levels for now. As seen here, the metal is reversing from trendline resistance and a bearish reversal remains a probability here. Recommendations are to remain flat and watch out for a bearish reaction here.
2. Support is seen at $19.00 levels, followed by $19.30/40, $19.00 and $18.50/60 while resistance is seen at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver could prove to be extremely bullish break above the trend line and subsequently 20.40 levels at least.
Trading recommendations:
Remain flat for now.
Good luck!
