Technical outlook and chart setups:
Silver is seen to be trading at $19.76 levels for now, looking to form an interim bottom soon. The metal can form the bottom between $19.50 and $19.70 levels before rallying higher. Please note that the expected rally could still be corrective in nature and prices should remain below $21.13 levels. The wave structure indicates that a meaningful top might have been already formed at $21.13 levels and that bears should remain in control till prices stay below that. It is recommended to take short-term profit on short positions now and remain flat. We shall look for opportunities to go short again at higher levels (ahead of $21.13). Immediate interim support is seen at $19.20 levels, while resistance is at $21.13 levels respectively.
Trading recommendations:
Book short-term profits on the short positions taken earlier and remain flat.
Good luck!
