Technical outlook and chart setups:
1. Silver has fallen back into the support region around the $20.40 levels yesterday. The metal may be preparing for an other run towards the $21.20 region before retracing further low. Recommendations are to initiate long positions, risk remains just below $20.40.
2. Support is seen around $20.00, followed by $19.50/60 and lower while resistance is seen at $21.50/70, followed by $22.30 and higher up respectively.
3. The structure indicates that Silver is preparing to extend rally at least into $21.20 levels for now.
Trading recommendations:
Initiate long positions, stop at $20.20, target is open.
Good luck!
