FX.co ★ Silver: Favour Selling Intraday Rallies

Technical Outlook and Chart Setups:

As depicted here, the backside of short-term trend line is being tested at the moment. Immediate resistance comes at 34.50 and the metal is expected to carve lower lows from here on 32.00/32.90 region is support where we are placing initial downside targets. A break through those levels will trigger further downside movement towards 31.00 and 30.00 levels, please note that 29.00/30.00 region was earlier resistance which would be strong support if prices reach there. For now, we recommend staying short.

Trading Recommendations:

Stay short for now, stop at 35.25, target 32.50 at least.

Good Luck!