Technical outlook and chart setups:
Silver is seen to be trading higher at $19.75 levels for now, after bottoming out around $19.25 levels yesterday. The metal looks to be carving out a regular flat now, having tested $19.20/25 levels, and it should rally to produce a lower high ahead of $21.13 levels. Please note that a meaningful top is already in place at $21.13 levels, and bears would remain in control till prices stay below. The wave structure also indicates that a flat is underway, and one should find Silver turning lower from around $20.75/80 levels. It is recommended to remain flat for now and look to go short at higher levels; aggressive traders may initiate longs with risk below $19.25 levels. Immediate interim support is seen at $19.20 levels, while resistance is at $21.13 levels respectively.
Trading recommendations:
Aggressive traders may remain long, stop below $19.25. Conservative traders look to go short at $20.75/80 levels.
Good luck!
