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Technical outlook and chart setups:
Silver broke above the consolidation structure last week and has staged a rally towards $20.10 levels so far. The metal has corrected slightly and is seen to be trading around $19.90 levels at this moment. Please note that the trend line resistance is passing through $20.20/30 levels now and should provide significant resistance going forward. According to the wave structure, the metal seems to have completed its rally which has been corrective till now. A bearish reversal from the trend line would confirm that a meaningful top is in place and the silver should head lower. On the flip side, a consistent push above resistance trend line would open doors for a test of $21.00 levels. If the latter count proves to be true, the metal should push higher towards $20.80/21.00 levels going forward. It is recommended to book profits on long positions taken earlier and look to go short at higher levels. Immediate resistance is seen at $20.50 levels, while support lies at $19.30 levels.
Trading recommendations:
Book profits on long positions taken. Look to go short at higher levels.
Good luck!
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