Silver tested the 19.50 support level before bounding on Friday morning, approaching 20.00 level. Holding below the 20.00 mark and the previous low at 20.13 favors further downside and a continuation of the selloff. On the other hand, if the price manages to move higher above 20.13 again, that may revive the chances of extended the bullish bounce.
Support: 20.13, 20.50, 21.00, 21.50, 22.10
Resistance: 19.55, 19.00, 18.75, 18.50, 18.00
Recommendation Based on the chart and explanations above, we prefer to short silver below 20.13, targeting 19.50 and 19.00. Stop loss with hourly closing above 20.35
Support: 20.13, 20.50, 21.00, 21.50, 22.10Resistance: 19.55, 19.00, 18.75, 18.50, 18.00
Recommendation Based on the chart and explanations above, we prefer to short silver below 20.13, targeting 19.50 and 19.00. Stop loss with hourly closing above 20.35