FX.co ★ Silver rallies for now. Break of 20.30 levels required for bullish implications.

Technical outlook and chart setups:

The metal has produced a morning star, just shy of sub 18.00 levels. We still need a break of immediate resistance at 20.30/40 levels to confirm a short term reversal from here on. It is therefore recommended to remain flat for now. Immediate support is 18.00 levels; while resistance is 20.30/40, followed by 21.00, 22.50 on the higher side. A failure to break 20.30 would bring down prices back to test 18.00 and even lower. A complete trend reversal would be only above 22.00 levels, which is the channel line resistance as seen here.

Trading recommendations:

Remain flat for now.

Good luck!