Silver moved lower yesterday, breaking below the minor ascending support shown above. A continuation of the selloff below 21.40 horizontal support clears the way towards 21.15, and probably lower. The bearish bias is still favored, and 21.75 level may be the main pivot for today.
Support: 21.50, 21.00, 20.80, 20.15, 20.00
Resistance: 22.10, 22.55, 22.85, 23.10, 23.35
Based on the chart and explanations above, we prefer to short silver below 21.75 targeting 21.15 and 20.15. Stop loss with four-hour closing above 22.10.
Support: 21.50, 21.00, 20.80, 20.15, 20.00
Resistance: 22.10, 22.55, 22.85, 23.10, 23.35
Based on the chart and explanations above, we prefer to short silver below 21.75 targeting 21.15 and 20.15. Stop loss with four-hour closing above 22.10.