Technical Outlook and Chart Setups:
As depicted above, silver also seems to be carving a lower high between the 0.618 and 0.786 resistance levels of the recent down swing between 35.05 and 34.07. Believe it or not, silver is signalling a break down, possibly towards 32.50 level in the sessions to come by. As seen above, the 33.50 level would also be of interest since the short-term trend line is passing through the same region. An appearance of a bullish bounce there will turn the game towards bulls again, and we would see 37.00 level on the upside. At the moment, short entries provide good risk reward ratio.
Trading Recommendations:
Stay short or initiate shorts now (34.75), stop at 35.25, target at 33.50, and 32.50.
Good Luck!
