FX.co ★ Silver Breaks Range Support. Downside To Accelerate.

Technical Outlook and Chart Setups:

Silver breaks range support at 34.40/50 levels and hits the minimum downside extensions at 33.60/70 as depicted above. Furthermore, the short-term support trend line is also breaking down at the moment and a clear break here (watch out on hourly charts), would accelerate downside pressure towards 32.50 levels. Resistance is now clearly placed at sub 35.00 level. The much anticipated downswing is being unfolded at the moment, before the larger uptrend resumes. On the other side, a bullish bounce here would keep the uptrend intact.

Trade Recommendations:

Flat for now. Aggressive traders may go short, stop above 35.00, target 32.50.

Good Luck!