FX.co ★ Silver Remains Bearish Below 34.50

Technical Outlook and Charts Setup:

As depicted above, the followings points should taken into account.

i. Silver is out of consolidation.

ii. Past Resistance above 33.00 level has been broken, hence a pullback is expected.

iii. The backside of dropping trendline needs to be tested one last time before the final rally materializes to higher levels. Immediate resistance remains near 34.50 level.

Trading Recommendations:

Remain short, stop at 34.50, target at 30.00/31.00 levels.

Good Luck!