Technical outlook and chart setups:
Silver is seen to be trading $19.885 levels at the moment, looking to drop lower towards $18.50 levels going forward. The metal needs to push below $19.25 levels to accelerate lower since it is acting as an intermediary support for now. The structure indicates that Silver might have already formed a lower high at $20.75 levels and that bears should remain in control till prices stay below that. Please also note that the probability remains for a deeper correction lower to retrace the entire rally from $13.60 through $21.00 levels respectively. It is hence recommended to remain short for now, with risk above $21.00 levels. Immediate support is seen at $19.20 levels (intermediary), while resistance is at $20.75 levels respectively.
Trading recommendations:
Remain short now, stop at $21.00 levels, target at least $18.50 and $18.00.
Good luck!
