Technical Outlook and Chart Setups:
Yesterday’s lower highs have been carved out at 34.50. Meanwhile, prices trade below this level, silver is heading south. From here on the minimum expectations are 32.50. It may further extend towards the 31.00 level. 34.50 is now the intermediary resistance, while 35.15 would offer strong resistance. Any intraday rallies below 34.50 should be now considered as opportunities to build short positions. As depicted above, 32.50/32.00 would offer support, S1 and S2 respectively. A push through 32.50 will accelerate downside move. Stay short for now.
Trading Recommendations:
Stay short for now, stop at 35.25, target at 32.50 and lower.
Good Luck!
