Technical outlook and chart setups:
Silver is seen to be trading higher at $19.45 levels for now, after bottoming out around $19.35 levels during early trading hours today. The metal should be looking to rally from here towards at least $20.40/50 levels as depicted on hourly chart here. Bulls are expected to remain in control for short term, before the metal carves out a lower top ahead of $21.13 levels. Please note that a meaningful top is already in place at the $21.13 levels and is expected to move lower till prices stay below. The wave structure also indicates that a flat is underway and one should find Silver turning lower from around $20.50/80 levels. It is recommended to remain flat for now and look to go short at higher levels; aggressive traders may remain long with risk below $19.25 levels. Immediate interim support is seen at the $19.20 levels, while resistance is at the $21.13 levels respectively.
Trading recommendations:
Aggressive traders may remain long, stop below $19.25. Conservative traders look to go short at $20.50/80 levels.
Good luck!
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