Technical outlook and chart setups:
1. Silver is seen to be reversing lower from $21.20 levels for now. The fibonacci support levels extend up to $19.50 levels, from where the metal could bounce back. Recommendations for now are to remain short, risk remains around $20.60.
2. Support is seen at $20.00, followed by $19.60, $18.60, $18.20 and lower while resistance is seen at $21.70, followed by $22.30 and higher up respectively.
3. The structure indicates that Silver need to correct till at least $19.50/60 levels before turning back again.
Trading recommendations:
Remain short, stop at $21.60, target is open.
Good luck!
