Technical outlook and chart setups:
1. Silver dropped to sub $19.00 levels yesterday. Please note that the metal is lying at 0.786 fibonacci support of the rally between $18.60 and $21.70 levels. It is recommended to remain long, risk remains below $19.00 levels.
2. Support is seen at $19.00, followed by $18.60 and lower while resistance is seen at $20.20, followed by $21.20, $21.70 and higher up respectively.
3. The structure indicates that silver remains constructive for bulls till prices remain above $19.00 and $18.60 levels for now.
Trading recommendations:
Remain long. Stop below $19.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
