FX.co ★ Silver preparing for countertrend rally. 24.40 immediate resistance

Technical outlook and chart setups:

A daily chart view has been depicted here; it shows a clear downtrend making lower lows and lower highs. Resistance is spread through the 26.00/50 region (this is also the past support turned resistance now), followed by 28.00/10, 29.20/30, 32.30 and higher, while support is at 22.00 (intermediary support at yesterday’s lows), followed by 21.45/20.00 (this region is also re-enforced by past resistance turned support on weekly chart view). The metal is looking to initiate a countertrend rally but it is too early to get into long positions till at least 24.40/50 is cleared. This level is immediate resistance on hourly charts. Please note that a fresh low between 21.40/50 and 22.00 still remains possible before a meaningful rally materializes.

Trading recommendations:

Flat for now. Looking for clear buy signals.

Good luck!