FX.co ★ Silver searching for bottom. 17.00 seen as max downside

Technical outlook and chart setups:

Silver is searching for bottom formation/support levels. At the moment it remains at the following:

1. Past resistance turned support levels 18.50-19.20.

2. Fibonacci retracement levels of the entire rally from 08-10 to 49.00 level.

3. Fibonacci extension of the downswing from 49.00 to 34.00 level.

A bullish reversal is possible here or around 17.00 level; before the metal reverses. Watch out for a bullish reversal on higher timeframes of 4H and daily charts to enter long positions for good.

Trading recommendations:

Flat for now. Looking for bullish reversal.

Good luck!