Technical Outlook and Chart Setups:
The metal has given up 60 cents at least from the highs made on Friday. It is further expected to trade lower and touch lower lows below 33.50 level in the sessions to come. We have also seen a shorter trend line which was broken earlier and also been backtested on last Friday before prices pulled back. Resistance is clearly defined by 35.35 level now, while intermediary low/support is at 33.50. Till the time prices remain below 35.15, silver should be headed south. Any intraday rally, is opportunity to build short positions.
Trading Recommendations:
Stay short, stop 35.25/30, target at 32.50 at least.
Good Luck!
