FX.co ★ Silver Needs To Retrace, Before The Next Bull Leg

Technical outlook and Chart Setups:

The metal registered a low just below 34.00 level before pulling back. The past resistance was also at 34.00 level which would be providing a short-term support now. If we look at the rally from 26.00 low, a series of resistances have been taken off from 30.00 level till 34.20. A healthy correction towards 30.00-31.00 levels should be due now. It is pretty much clear that we are headed towards 37.00, 39.00 and above 40.00 levels in the weeks to come, but not before a meaningful correction.

Trading Recommendations;

Flat for now. Planning to enter short again.

Good Luck!