Technical outlook and chart setups:
1. Silver has broken out of resistance line and also taken out the $20.40 levels last week. The metal is expected to retrace lower at the moment before rallying further up.
2. Support is seen at $19.50, followed by $19.00, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher up respectively.
3. The structure indicates that Silver could resume rally after a meaningful pullback into $19.50 levels.
Trading recommendations:
Aggressive setup would be to initiate short positions, stop at $21.50, target is open. Or remain flat looking to buy lower.
Good luck!
