FX.co ★ Silver Breaking Immediate Support Trendline. Look Lower From Here.

Technical Outlook and Chart Setups:

Today's setup must be encouraging for the bears till now. As shown above, prices are breaking immediate line of support at the moment. This would have been confirmed by now on the smaller time frames. 32.50 level would be the immediate soft target for now. Resistance is fixed at 35.00/10 levels, while support is just below 33.50. Furthermore, looking into the entire wave structure, the rally that begun from 26.50 levels and more precisely after breaking out 28/29 levels, has enough room left for retracement. If you examine it closely, the trendline support and Fibonacci level (0.618) would be converging around price range of 30.00 in the coming sessions. If prices hold around 30.00/50, that would be best buying opportunity for the next bull run.

Trade Recommendations:

Stay short for now, stop above 35.00, target 32.50 and 30.00.

Good Luck!