FX.co ★ Silver hangs around 19.50 levels for now. Remain flat

Technical Outlook and Chart Setups:

The metal has paused the recent fall at the fibonacci 0.786 support levels around 19.50 as depicted here. Still the conviction to commit a trade is missing due to lack of trade signal pattern. It is hence recommended to remain flat for now. Immediate support is at 19.00 levels followed by sub 18.00 levels; while resistance is at 20.50/60, 22.00 (trendline) followed by 23.00, respectively. A break higher of at least 21.00 levels would be required to confirm that a meaningful bottom is in place and the metal is set for higher highs. On the flip side, a break of 19.00 levels would see fresh lows being printed before the trend reverses.

Trade Recommendations:

Flat for now

Good Luck !