Technical outlook and chart setups:
1. Silver might be preparing to drift lower again towards $19.60/70 levels, before rallying further up into the $20.50 and $20.90 region. Please note that the metal has bounced off the 0.618 fibonacci support (rally between $18.60 and $21.60) around $19.70 on the daily chart.
2. Support is seen at $19.70 (interim), followed by $19.40, $19.00 and lower while resistance is at $21.70, followed by $22.30 and higher respectively.
3. The structure indicates that Silver might push lower for final test before rallying further up towards $21.70 and higher.
Trading recommendations:
Remain long and also look to add lower.
Good luck!
